Texas Daily Ag Market News Summary 06/22/17

Posted 7 years 158 days ago by

Feeder cattle auctions lower; Futures lower.

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

Cotton prices mixed.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets mixed.

Texas feeder cattle auctions reported prices $3 to $6 lower. August Feeder cattle futures were $1.20 lower, to close at $143.45 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. August Fed cattle futures were $1.08 lower, closing at $114.27 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $2.54 to close at $242.88 per cwt and Select grade losing $1.98 to close at $216.92 per cwt. Estimated cattle harvest for the week totaled 465,000 down 2,000 from last week’s total and up 17,000 from a year ago. Year-to-date harvest is up 3.8%.

Cotton prices were mixed with cash prices losing 1.00 cents to close at 67.25 cents per pound and July futures gaining 0.25 cents to close at 71.14 cents per pound.

Corn prices were lower with cash and July futures both losing 6 cents and both closing at $3.63 per bushel. Grain Sorghum cash prices were 11 cents lower, closing at $5.44 per cwt.

Wheat prices were steady with cash and July futures remaining at $4.16 per bushel and $4.68 per bushel, respectively.

Milk prices were higher with July Class III milk futures gaining a penny to close at $15.92 per cwt.

Stock markets closed mostly mixed today. Major U.S. indexes were mixed after Senate Republicans released their plans to revamp the “Affordable Care Act”. Their plan resulted in gains for health-care, pharmaceutical and hospital shares, but were not enough to overcome declines in other sectors. August Crude oil futures were higher, gaining 11 cents, to close at $42.74 per barrel.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 27.35 percent of Texas still in some stage of drought intensity, up 5.58 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, down 0.93 percentage points from three months ago. On the national level, drought conditions improved slightly, with 19.50 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.51 percentage points from last week.

Daily Market News Summary Data 06/22/17

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