Texas Daily Ag Market News Summary 05/11/17

Posted 7 years 200 days ago by

Feeder cattle auction reported lower prices; Futures lower.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $10 lower. May Feeder cattle futures were $2.13 lower, to close at $142.37 per hundredweight (cwt). The Texas fed cattle cash was inactive today. June Fed cattle futures were 28 cents lower, closing at $123.92 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $4.70 to close at $126.86 per cwt and Select grade gaining $3.63 to close at $226.66 per cwt. Estimated cattle harvest for the week totaled 461,000 up 9,000 from last week’s total and 13,000 from a year ago. Year-to-date harvest is up 2.9%.

Cotton prices were higher with cash prices gaining 3.00 cents to close at 75.75 cents per pound and July futures gaining 2.69 cents to close at 79.18cents per pound.

Corn prices were mixed with cash prices gaining a penny to close at $3.68 per bushel and may futures gaining 4 cents to close at $3.61 per bushel. Grain Sorghum cash prices were 4 cents higher, to close at $5.43 per cwt.

Wheat prices were higher with cash and May futures both gaining 2 cents to close at $3.72 per bushel and $4.30 per bushel, respectively.

Milk prices were higher with May Class III milk futures gaining 6 cents to close at $15.61 per cwt.

Stock markets closed higher today, pushed down by disappointing earnings reports from consumer staple companies. June Crude oil futures were 50 cents higher, closing at $47.83 per barrel. Crude oil prices rebounded from recent declines after the collective thinking about OPEC’s production cutting measures has reversed and investors are beginning to think that the cuts will have a positive effect and in turn stabilize prices globally.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with 21.14 percent of Texas still in some stage of drought intensity, up 12.52 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened slightly, with 15.11 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 0.80 percentage points from last week.

Daily Market News Summary Data 05/11/17

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