Texas Daily Ag Market News Summary 07/27/17

Posted 7 years 123 days ago by

Feeder cattle auctions mixed; Futures higher.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported mixed prices with instances of steady to $4 lower and $4 to $5 higher. August Feeder cattle futures were $1.35 higher, closing at $147.82 per hundredweight (cwt). The Texas fed cattle cash trade was 51 cents lower, closing at $117.00 per cwt. August Fed cattle futures were steady remaining at $114.30 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 64 cents to close at $206.43 per cwt and Select grade losing $1.21 to close at $196.66 per cwt. Estimated cattle harvest for the week totaled 467,000 up 5,000 from last week’s total and 19,000 from a year ago. Year-to-date harvest is up 4.3%.

Cotton prices were higher with cash prices gaining 0.75 cents to close at 67.50 cents per pound and October futures gaining 1.48 cents to close at 70.50 cents per pound.

Corn prices were higher with cash and September futures prices both gaining a penny and both closing at $3.74 per bushel. Grain Sorghum cash prices were 2 cents higher, closing at $5.60 per bushel.

Wheat prices were higher with cash prices gaining 8 cents to close at $4.18 per bushel and September futures gaining a nickel to close at $4.81 per bushel.

Milk prices were higher with August Class III gaining 7 cents to close at $16.45 per cwt.

Stock markets were lower today, reversing yesterday’s gains and pushing the Nasdaq and S&P 500 out of record high territory. Major U.S. indexes were dragged down by declining technology shares. September Crude oil futures were 29 cents higher, closing at $49.04 per barrel. The crude oil rally continued today, as the momentum sparked by the declining U.S crude inventory reports, pushed prices to a fresh two-month high.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with 24.96 percent of Texas still in some stage of drought intensity, down 0.62 percentage points from last week. Additionally, 1.26 percent of the state remains in severe, extreme, or exceptional drought, up 1.26 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 32.69 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.36 percentage points from last week.

Daily Market News Summary Data 07/27/17

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