Texas Daily Ag Market News Summary 06/08/17

Posted 7 years 172 days ago by

Feeder cattle auctions higher; Futures lower.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $10 higher. August Feeder cattle futures were 85 cents lower, to close at $153.95 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. June Fed cattle futures were 17 cents higher, closing at $131.37 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 32 cents to close at $250.39 per cwt and Select grade gaining 11 cents to close at $220.01 per cwt. Estimated cattle harvest for the week totaled 466,000 up 113,000 from last week’s total and 19,000 from a year ago. Year-to-date harvest is up 4.3%.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 74.50 cents per pound and July futures gaining 0.76 cents to close at 76.55 cents per pound.

Corn prices were higher with cash and July futures both gaining a penny to close at $3.85 per bushel and $3.86 per bushel, respectively. Grain Sorghum cash prices were 2 cents higher, closing at $5.74 per cwt.

Wheat prices were higher with cash prices gaining 6 cents to close at $3.87 per bushel and July futures gaining 8 cents to close at $4.54 per bushel.

Milk prices were lower with June Class III milk futures losing a penny to close at $16.28 per cwt.

Stock markets closed slightly higher today, pushed up by gains in financial shares. Over all gains were mostly muted out as investors await the results from the U.K. election. July Crude oil futures were 8 cents lower, closing at $45.64 per barrel. Crude oil prices resumed declines as investors still struggle with the release of data that showed an increase in U.S. crude oil stockpiles.

This week’s U.S. Drought Monitor for Texas showed a improving drought conditions for the state, with 16.57 percent of Texas still in some stage of drought intensity, down 17.93 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved as well, with 16.96 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.35 percentage points from last week.

Daily Market News Summary Data 06/08/17

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