Texas Daily Ag Market News Summary 06/06/17

Posted 7 years 174 days ago by

Feeder cattle auctions higher; Futures lower.

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

Cotton prices lower.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices $5 to $12 higher. August Feeder cattle futures were $4.50 lower, to close at $155.37 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. June Fed cattle futures were $1.90 lower, closing at $130.20 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.10 to close at $250.45 per cwt and Select grade gaining 13 cents to close at $219.57 per cwt. Estimated cattle harvest for the week totaled 233,000 up 113,000 from last week’s total and 10,000 from a year ago. Year-to-date harvest is up 4.5%. For the time period of May 29- June 4 the USDA NASS Field Office reported that livestock remain in good condition. Pasture conditions varied greatly throughout the state, depending on recent rainfall. In many areas, grasses continued to improve providing good grazing conditions. Pasture in East Texas were saturated, delaying hay harvest.

Cotton prices were lower with cash prices losing 0.50 cents to close at 74.00 cents per pound and July futures losing 0.29 cents to close at 76.02 cents per pound. The USDA NASS Field Office reported that Cotton planting was delayed in areas of the Low Plains and North East Texas due to wet conditions. Thrip infestations were detected in seeding cotton in the Northern High Plains.

Corn prices were higher with cash and July futures both gaining 4 cents to close at $3.77 per bushel and $3.77 per bushel, respectively. Grain Sorghum cash prices were 7 cents higher, closing at $5.58 per cwt. The USDA NASS Field Office reported that corn and sorghum planting were underway in the Northern Low Plains.

Wheat prices were higher with cash and July futures both gaining 8 cents to close at $3.69 per bushel and $4.38 per bushel, respectively. The USDA NASS Field Office reported that wheat harvest was in full swing across the plains and nearing completion in areas of the Blacklands, Edwards Plateau, and South Central Texas. Heavy rains halted wheat harvest in areas of South Texas, but only a few areas remained to be harvested.

Milk prices were lower with June Class III milk futures losing 7 cents to close at $16.37 per cwt.

Stock markets closed lower today. U.S. indexes continued recent declines as investors are uncertain about the political climate in the Middle East and the effect it could potentially have on global markets, specifically crude oil prices, and anxiety surrounding the approaching general election in the U.K. July Crude oil futures were 79 cents higher, closing at $48.19 per barrel. Crude oil prices rebounded from recent declines as investors await the release of U.S. crude oil inventory data, which is expected to show another decline in stockpiles.

Daily Market News Summary Data 06/06/17

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