Texas Daily Ag Market News Summary 07/25/17

Posted 7 years 125 days ago by

Feeder cattle auctions mixed; Futures lower.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported mixed prices with instances of steady to $4 higher and $3 to $5 lower. August Feeder cattle futures were $1.92 lower, closing at $146.35 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. August Fed cattle futures were 69 cents lower, closing at $113.18 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 16 cents to close at $207.62 per cwt and Select grade gaining $1.04 to close at $198.93 per cwt. Estimated cattle harvest for the week totaled 230,000 on par with last week’s total and up 5,000 from a year ago. Year-to-date harvest is up 2.3%. For the time period of July 17-23 the USDA NASS Field Office reported that livestock was in good to fair condition throughout the state. Range and pasture conditions remained fair to good across the state.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 67.25 cents per pound and October futures gaining 0.55 cents to close at 69.55 cents per pound. The USDA NASS Field Office reported that high winds carrying dirt and sand, along with multiple hail events have caused significant cotton crop losses in areas of the Southern High Plains and the Northern Low Plains. Cotton fleahoppers were becoming a concern for some producers in the Northern Low Plains.

Corn prices were lower with cash and September futures prices both losing 8 cents and both closing at $3.69 per bushel. Grain Sorghum cash prices were 13 cents lower, closing at $5.51 per bushel. The USDA NASS Field Office reported that sorghum harvest continued in the Blacklands, the Coastal Bend, the Upper Coast, and South East Texas, while nearing completion in southern areas of the state. Rain and high humidity delayed corn harvest in areas of the Blacklands as producers waited for grain to dry down.

Wheat prices were lower with cash prices losing 11 cents to close at $4.08 per bushel and September futures losing 15 cents to close at $4.73 per bushel. The USDA NASS Field Office reported that land was being prepared in some areas of South Texas for winter wheat.

Milk prices were lower with July Class III gaining 30 cents to close at $16.31 per cwt.

Stock markets were higher today, reversing yesterday’s losses behind strong corporate earnings reports and rising oil prices. September Crude oil futures were $1.55 higher, closing at $47.89 per barrel. Crude oil prices continued recent gains, reaching their highest level since early June, after Saudi Arabia’s energy minister pushed for members of OPEC to comply with the output restrictions that they all agreed to earlier in the year.

Daily Market News Summary Data 07/25/17

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