Texas Daily Ag Market News Summary 05/25/17

Posted 7 years 186 days ago by

Feeder cattle auction reported uneven prices; Futures higher.

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

Cotton prices lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported uneven prices with instances of steady to $5 lower and steady to $5 higher. August Feeder cattle futures were $2.45 higher, to close at $151.12 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. June Fed cattle futures were $1.80 higher, closing at $123.92 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 3 cents to close at $246.11 per cwt and Select grade losing 62 cents to close at $218.98 per cwt. Estimated cattle harvest for the week totaled 461,000 up 10,000 from last week’s total and 15,000 from a year ago. Year-to-date harvest is up 3.4%.

Cotton prices were lower with cash prices losing 0.25 cents to close at 75.25 cents per pound and July futures losing 0.38 cents to close at 77.16 cents per pound.

Corn prices were lower with cash prices losing 3 cents to close at $3.68 per bushel and July futures losing 2 cents to close at $3.69 per bushel. Grain Sorghum cash prices were 4 cents lower, closing at $5.43 per cwt.

Wheat prices were lower with cash and July futures both losing 2 cents to close at $3.62 per bushel and $4.31 per bushel, respectively.

Milk prices were higher with June Class III milk futures gaining 37 cents to close at $16.60 per cwt.

Stock markets were higher today, lifted by gains in consumer-discretionary spending. Major U.S. indexes were pushed up by strong economic data and strong first-quarter earnings reports. Stocks have been rising as of late, even though expectations about President Trumps ability to push his tax cuts and fiscal stimulus plans have been on the decline. July Crude oil futures were $2.46 lower, closing at $48.90 per barrel. Crude oil prices had their biggest one-day decline in over three-weeks, as investors had hoped for a more aggressive plan from OPEC to extend their production cutting agreement.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 22.30 percent of Texas still in some stage of drought intensity, down 12.12 percentage points from last week. Additionally, 0.19 percent of the state remains in severe, extreme, or exceptional drought, down 0.63 percentage points from three months ago. On the national level, drought conditions improved as well, with 14.27 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 2.31 percentage points from last week.

Daily Market News Summary Data 05/25/17

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