Texas Daily Ag Market News Summary 07/11/17

Posted 7 years 139 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $2 higher. August Feeder cattle futures were $2.58 higher, closing at $147.25 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. August Fed cattle futures were $1.05 higher, closing at $114.87 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $2.30 to close at $215.24 per cwt and Select grade losing $2.16 to close at $200.51 per cwt. Estimated cattle harvest for the week totaled 239,000 up 129,000 from last week’s total and 12,000 from a year ago. Year-to-date harvest is up 5.3%. For the time period of July 3 – 9 the USDA NASS Field Office reported that livestock was in good condition throughout the state. In the Cross Timbers, Blacklands, and Northeast Texas, livestock producers reported an abundance of forage still available for grazing on native range and pastures. Hay production activities were underway.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 67.00 cents per pound and October futures gaining 0.43 cents to close at 68.15 cents per pound. The USDA NASS Field Office reported that hail and high temperatures in the Northern Low Plains damaged cotton in some areas. Cotton continued to emerge in the Southern Low Plains. Irrigation on cotton was in full swing in areas of Southeast Texas, while cotton in South Texas and South Central Texas was setting bolls.

Corn prices were steady with cash prices gaining a penny to close at $3.97 per bushel and July futures remaining at $3.92 per bushel. Grain Sorghum cash prices were steady, remaining at $6.00 per cwt. The USDA NASS Field Office reported that corn was drying down in areas of the Blacklands, South Central, and Southeast Texas, while producers began harvesting in the Upper Coast and South Texas. Harvest progressed well in the Lower Valley. Sorghum harvest was in full swing in areas of the Coastal Bend, Upper Coast, South Texas, and the Lower Valley.

Wheat prices were steady with cash and July futures both remaining at $4.89 per bushel and at $5.41 per bushel, respectively. The USDA NASS Field Office reported that winter wheat harvest neared completion throughout the state. Field work in areas of the Blacklands and Northeast Texas was slowed due to heavy rainfall received this week

Milk prices were higher with July Class III gaining a dime to close at $15.65 per cwt.

Stock markets were higher today, despite a mid-day drop in U.S indexes after Donald Trump Jr. released emails pertaining to a meeting with a Russian lawyer in order to obtain incriminating information about Hilary Clinton. Major U.S. indexes reversed this mid-day slump behind gains in energy shares caused by rising oil prices. August Crude oil futures were 64 cents higher, closing at $45.04 per barrel. Crude oil prices continue to rise after investors and traders believe that a report, which will be released tomorrow morning, will show that U.S. crude oil inventories are continuing to shrink.

Daily Market News Summary Data 07/11/17

If you are interested in receiving this daily report, please subscribe here.