Texas Daily Ag Market News Summary 05/09/17

Posted 7 years 202 days ago by

Feeder cattle auction reported higher prices; Futures lower.

Fed cattle cash trade inactive; Formula trades higher; Futures lower; Beef prices higher.

Cotton futures higher.

Grains and soybeans uneven.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $2 higher. May Feeder cattle futures were $3.77 lower, to close at $144.53 per hundredweight (cwt). The Texas fed cattle cash was inactive today. June Fed cattle futures were $2.24 lower, closing at $124.98 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 72 cents to close at $242.16 per cwt and Select grade gaining 14 cents to close at $223.03 per cwt. Estimated cattle harvest for the week totaled 230,000 up 9,000 from last week’s total and 7,000 from a year ago. Year-to-date harvest is up 3.2%. For the time period of May 1-7 the USDA NASS Field Office reported that cattle were in mostly good condition across the state. Pasture and range condition was rated at 80 percent good to fair, unchanged from the previous week. Gopher control and feral hog control measures were being taken in North East Texas. Danger of wildfire was reported in the Trans-Pecos due to the high winds and the dry matter in the pastures.

Cotton prices were uneven with cash prices remaining at 73.25 cents per pound and July futures gaining 0.24 cents to close at 77.43 cents per pound. The USDA NASS Field Office reported that producers in the Southern High Plains were anticipating planting cotton in the coming week. Cotton planting neared completion in the southern districts of the state, but was estimated at 16 percent statewide.

Corn prices were mixed with cash prices remaining at $3.66 per bushel and may futures gaining a penny to close at $3.58 per bushel. Grain Sorghum cash prices were a penny higher, to close at $5.39 per cwt. The USDA NASS Field Office reported that corn planting was just getting underway in the Northern High Plains. Both corn and sorghum planting were delayed by wet field conditions. Corn in the Blacklands was being sprayed for pests. Some corn fields in South and South Central Texas entered the silking stage.

Wheat prices were lower with cash prices losing a nickel to close at $3.70 per bushel and May futures losing 6 cents to close at $4.27 per bushel. The USDA NASS Field Office reported that winter wheat condition was mostly fair to good. Areas of the Northern High Plains reported damage to wheat fields due to the previous week snow and wet conditions. Producers were still checking for signs of damage.

Milk prices were lower with May Class III milk futures losing 3 cents to close at $15.52 per cwt.

Stock markets closed lower today. June Crude oil futures were 55 cents lower, closing at $45.88 per barrel. Crude oil prices dropped after a combination of factors including the rising strength of the dollar and growing skepticism about OPEC’s ability to influence oil prices globally.

Daily Market News Summary Data 05/09/17

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