Texas Daily Ag Market News Summary 06/01/17

Posted 7 years 179 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $7 higher. August Feeder cattle futures were $4.50 higher, to close at $157.07 per hundredweight (cwt). The Texas fed cattle cash trade was higher today gaining $4.42 to close at $136.30 per cwt. June Fed cattle futures were $3.00 higher, closing at $127.42 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 4 cents to close at $245.58 per cwt and Select grade losing 96 cents to close at $217.22 per cwt. Estimated cattle harvest for the week totaled 353,000 down 108,000 from last week’s total and up 12,000 from a year ago. Year-to-date harvest is up 3.6%.

Cotton prices were higher with cash prices gaining 0.75 cents to close at 76.00 cents per pound and July futures gaining 0.65 cents to close at 77.63 cents per pound.

Corn prices were uneven with cash prices remaining at $3.71 per bushel and July futures losing a penny to close $3.71 per bushel. Grain Sorghum cash prices were 3 cents lower, closing at $5.33 per cwt.

Wheat prices were uneven with cash prices remaining at $3.63 per bushel and July futures losing a penny to close at $4.31 per bushel.

Milk prices were lower with June Class III milk futures losing 4 cents to close at $16.66 per cwt.

Stock markets closed higher today, reaching fresh new highs behind better-than-expected pay-roll data released this week. July Crude oil futures were 4 cents higher, closing at $48.36 per barrel. Crude oil prices rebounded from recent declines behind another drop is U.S. crude oil inventory.

This week’s U.S. Drought Monitor for Texas showed a worsening drought conditions for the state, with 34.50 percent of Texas still in some stage of drought intensity, up 12.20 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, down 1.01 percentage points from three months ago. On the national level, drought conditions worsened as well, with 18.31 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 4.04 percentage points from last week.

Daily Market News Summary Data 06/01/17

If you are interested in receiving this daily report, please subscribe here.