Texas Daily Ag Market News Summary 07/06/17

Posted 7 years 144 days ago by

Feeder cattle auctions inactive; Futures higher.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions were inactive due to July 4^th Holiday. August Feeder cattle futures were $2.40 higher, closing at $144.62 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $116.87 per cwt. August Fed cattle futures were $1.40 higher, closing at $114.95per cwt. Wholesale boxed beef values were lower, with Choice grade losing $2.53 to close at $220.05 per cwt and Select grade losing $1.56 to close at $203.76 per cwt. Estimated cattle harvest for the week totaled 349,000 down 118,000 from last week’s total and up 19,000 from a year ago. Year-to-date harvest is up 5.8%.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 68.50 cents per pound and July futures gaining 1.18 cents to close at 75.01 cents per pound.

Corn prices were lower with cash prices losing a penny to close at $3.89 per bushel and July futures losing 2 cents to close at $3.80 per bushel. Grain Sorghum cash prices were 2 cents lower, closing at $5.80 per cwt.

Wheat prices were lower with cash prices losing 23 cents to close at $4.78 per bushel and July futures losing 20 cents to close $5.31 per bushel.

Milk prices were higher with July Class III gaining 4 cents to close at $15.72 per cwt.

Stock markets were lower today, dragged down by declines in energy, health and consumer spending shares. August Crude oil futures were 39 cents higher, closing at $45.52 per barrel. Crude oil prices rose after data released from last year showed that Saudi Arabia, the world’s largest crude oil producer, pumped its highest amount of barrels per day during 2016, which helped to put crude oil prices in a tail spin.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 26.49 percent of Texas in some stage of drought intensity, up 2.97 percentage points from last week. Additionally, 0.92 percent of the state remains in severe, extreme, or exceptional drought, up 0.91 percentage points from three months ago. On the national level, drought conditions worsened slightly as well, with 22.35 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 0.75 percentage points from last week.

Daily Market News Summary Data 07/06/17

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