Texas Daily Ag Market News Summary 05/18/17

Posted 7 years 193 days ago by

Feeder cattle auction reported uneven prices; Futures higher.

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

Cotton prices lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions were uneven reporting prices of $3 to $5 lower and steady to $3 higher. May Feeder cattle futures were 30 cents higher, to close at $142.27 per hundredweight (cwt). The Texas fed cattle cash was lower today, losing 93 cents to close at $133.94 per cwt. June Fed cattle futures were 50 cents higher, closing at $122.95 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 96 cents to close at $247.21 per cwt and Select grade losing 27 cents to close at $221.66 per cwt. Estimated cattle harvest for the week totaled 451,000 down 10,000 from last week’s total and up 3,000 from a year ago. Year-to-date harvest is up 0.7%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 77.50 cents per pound and July futures losing 0.93 cents to close at 79.24 cents per pound.

Corn prices were lower with cash prices losing 6 cents to close at $3.66 per bushel and July futures losing 7 cents to close at $3.65 per bushel. Grain Sorghum cash prices were a dime lower, closing at $5.38 per cwt.

Wheat prices were lower with cash prices losing 2 cents to close at $3.57 per bushel and July futures losing a penny to close at $4.26 per bushel.

Milk prices were lower with May Class III milk futures losing a penny to close at $15.61 per cwt.

Stock markets were higher today, bouncing back from the worst session of the year, lifted up by gains in financial and technology shares. June Crude oil futures were 28 cents higher, closing at $49.35 per barrel. Crude oil prices hit a three-week high as investors weigh declining U.S. stockpiles combined with signs of increased demand against the global glut of crude oil that the market has been struggling with.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 34.42 percent of Texas still in some stage of drought intensity, up 13.28 percentage points from last week. Additionally, 1.20 percent of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened slightly, with 16.58 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.47 percentage points from last week.

Daily Market News Summary Data 05/18/17

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