Texas Daily Ag Market News Summary 05/23/17

Posted 7 years 188 days ago by

Feeder cattle auction reported steady prices; Futures lower.

Fed cattle cash trade inactive; Formula trades lower; Futures lower; 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 reported steady prices. August Feeder cattle futures were $1.27 lower, to close at $151.50 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. June Fed cattle futures were 86 cents lower, closing at $123.07 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $2.14 to close at $245.74 per cwt and Select grade losing $1.66 to close at $221.17 per cwt. Estimated cattle harvest for the week totaled 231,000 up 1,000 from last week’s total and 10,000 from a year ago. Year-to-date harvest is up 4.6%. For the time period of May 15-21 the USDA NASS Field Office reported that cattle were in mostly good condition across the state. Fly numbers were increasing in the Blacklands and North East Texas. Pasture conditions were declining due to lack of moisture in the Edwards Plateau, the Upper Coast, South Texas, South Central and South East Texas. Even though most of the state received rainfall near the end of the week, farmers were concerned high winds and warm temperatures could erode topsoil moisture levels.

Cotton prices were lower with cash prices losing 1.25 cents to close at 75.25 cents per pound and July futures losing 1.17 cents to close at 77.22 cents per pound. The USDA NASS Field Office reported some farmers continued planting cotton in the Plains, but others decided to wait until after the forecasted rainfall at the end of the week.

Corn prices were lower with cash prices losing 6 cents to close at $3.69 per bushel and July futures losing a nickel to close at $3.70 per bushel. Grain Sorghum cash prices were 10 cents lower, closing at $5.44 per cwt. The USDA NASS Field Office reported that the sugarcane aphid was still a threat in sorghum fields in areas of the Coastal Bend.

Wheat prices were lower with cash prices losing 6 cents to close at $3.62 per bushel and July futures losing a nickel to close at $4.31 per bushel. The USDA NASS Field Office reported that winter wheat conditions were rated mostly fair to good statewide. Stripe rust was found in winter wheat fields in the Northern High Plains. Wheat harvest slowed down in the Low Plains, the Cross Timbers and the Blacklands due to rain and high humidity. Harvest continued in the Trans-Pecos and South Central Texas with no major setbacks

Milk prices were lower with June Class III milk futures losing 8 cents to close at $16.21 per cwt.

Stock markets were slightly higher today, pushed up by gains in banking and financial shares, as investors await the release of the minutes from the Federal Reserve’s May meeting. July Crude oil futures were 34 cents higher, closing at $51.47 per barrel. Crude oil prices climbed to a new one-month high, as optimism surrounding more production cuts from OPEC’s meeting continue to grow.

Daily Market News Summary Data 05/23/17

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