Texas Daily Ag Market News Summary 06/29/17

Posted 7 years 151 days ago by

Feeder cattle auction reported mixed prices; Futures higher.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported mixed prices with instances of steady to $10 higher and $2 to $3 lower. August Feeder cattle futures were 77 cents higher, closing at $147.17 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $119.00 per cwt. August Fed cattle futures were 87 cents higher, closing at $116.50 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $2.88 to close at $226.55 per cwt and Select grade losing $2.51 to close at $210.16 per cwt. Estimated cattle harvest for the week totaled 467,000 up 2,000 from last week’s total and 14,000 from a year ago. Year-to-date harvest is up 3.1%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 68.25 cents per pound and July futures losing 0.41 cents to close at 74.00 cents per pound.

Corn prices were mixed with cash prices losing a nickel to close at $3.54 per bushel and July futures gaining 3 cents to close at $3.60 per bushel. Grain Sorghum cash prices were a penny higher to close at $5.39 per cwt.

Wheat prices were higher with cash prices gaining 24 cents to close at $4.30 per bushel and July futures gaining 20 cents to close $4.81 per bushel.

Milk prices were lower with July Class III losing 12 cents to close at $15.70 per cwt.

Stock markets were lower today, continuing to follow the trend of declining technology shares. August Crude oil futures were 19 cents higher, closing at $44.93 per barrel. Crude oil prices have gone up for the past 5 sessions. The most recent gains came after U.S. data released showing that crude oil inventories have increased by much less than was originally anticipated.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 23.52 percent of Texas still in some stage of drought intensity, down 3.83 percentage points from last week. Additionally, 0.61 percent of the state remains in severe, extreme, or exceptional drought, up 0.21 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 21.60 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 2.10 percentage points from last week.

Daily Market News Summary Data 06/29/17

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