Texas Daily Ag Market News Summary 08/09/17

Posted 7 years 110 days ago by

Feeder cattle auctions steady; Futures lower.

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

Cotton futures lower.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. August Feeder cattle futures were $4.51 lower, closing at $141.52 per hundredweight (cwt). The Texas fed cattle cash trade was active, closing at $115.04. August Fed cattle futures were $2.48 lower, closing at $110.00 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.06 to close at $201.66 per cwt and Select grade losing 39 cents to close at $196.61 per cwt. Estimated cattle harvest for the week totaled 353,000 up 6,000 from last week’s total and 17,000 from last year’s total. Year-to-date harvest is up 5.1%. For the time period of July 31 – August 6, 2017, the USDA NASS Field Office reported that livestock conditions in South Central, South Texas and the Lower Valley have declined. Producers were providing supplemental feed for livestock due to drought conditions. However, range and pasture condition was still rated mostly fair to good across the rest of the state.

Cotton prices were lower with October futures losing 0.09 cents to close at 71.82 cents per pound. The USDA NASS Field Office reported that cotton farmers in the Northern Low Plains were concerned low temperatures could affect cotton growth. Cotton harvest started in areas of the Upper Coast and continued in South Texas and the Lower Valley.

Corn prices were mixed with cash prices remaining at $3.72 per bushel and September futures gaining 2 cents to close at $3.72 per bushel. Grain Sorghum cash prices were steady to remain at $5.56 per bushel. The USDA NASS Field Office reported that corn harvest continued in areas where weather conditions allowed. Sorghum harvest continued in the Upper Coast, South Texas and the Lower Valley.

Wheat prices were higher with cash prices and September futures both gaining 3 cents closing at $4.04 per bushel and $4.64 per bushel, respectively. The USDA NASS Field Office reported that field preparations were underway for the 2017 wheat and oats crops.

Milk prices were higher with August Class III gaining 20 cents to close at $16.43 per cwt.

Stock markets were lower today, as investors retreated into “safe haven” assets as political tension between the U.S. and North Korea have continued to sour. This rising tension has interrupted a major rally in U.S. indexes fueled by strong corporate earnings. September Crude oil futures were 39 cents higher, closing at $49.56 per barrel.

Daily Market News Summary Data 08/09/17

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