Texas Daily Ag Market News Summary 05/30/17

Posted 7 years 181 days ago by

Feeder cattle auctions inactive; Futures higher.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions were inactive due to the Memorial Day holiday. August Feeder cattle futures were $2.97 higher, to close at $149.92 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. June Fed cattle futures were 27 cents higher, closing at $122.97 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 35 cents to close at $245.25 per cwt and Select grade gaining $1.00 to close at $219.45 per cwt. Estimated cattle harvest for the week totaled 120,000 down 111,000 from last week’s total and up 3,000 from a year ago. Year-to-date harvest is up 2.6%. For the time period of May 22-28 the USDA NASS Field Office reported that cattle were in mostly good condition across the state. Pastures responded well to recent rainfall and conditions were mostly fair to good statewide.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 75.50 cents per pound and July futures gaining 0.17 cents to close at 77.26 cents per pound. The USDA NASS Field Office reported that winds and hail affected corn, sorghum and cotton in South Central Texas as well as isolated areas of the Upper Coast. Producers commented that cotton in the High Plains has been slow to emerge due to cooler temperatures.

Corn prices were lower with cash prices losing 2 cents to close at $3.66 per bushel and July futures losing 7 cents to close at $3.67 per bushel. Grain Sorghum cash prices were 3 cents lower, closing at $5.40 per cwt. The USDA NASS Field Office reported that Winds and hail affected corn, sorghum and cotton in South Central Texas as well as isolated areas of the Upper Coast. Corn condition was mostly fair to good statewide.

Wheat prices were uneven with cash prices gaining 3 cents to close at $3.64 per bushel and July futures losing a nickel to close at $4.33 per bushel. The USDA NASS Field Office reported that hail during the previous week damaged wheat fields in the Cross Timbers and the Northern Low Plains, while storms and high winds damaged fields in the Blacklands. Harvest kicked off in a few areas of the High Plains but was slowed by wet conditions in other areas of the state. Farmers in the Blacklands were concerned with the difficulties that the wet weather might cause during harvest. Wheat and oats condition was mostly fair to good statewide.

Milk prices were lower with June Class III milk futures gaining a nickel to close at $16.56 per cwt.

Stock markets closed slightly lower today pushed down by losses in financial and oil shares combined with the speculation about consumer spending, jobs reports and personal income data set to be released later this week. July Crude oil futures were 14 cents lower, closing at $49.66 per barrel. Crude oil prices have fallen as doubt surrounding OPEC’s production cutting agreement and its ability to have a solid impact on crude oil stockpiles continue to mount.

Daily Market News Summary Data 05/30/17

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