Texas Daily Ag Market News Summary 08/10/17

Posted 7 years 109 days ago by

Feeder cattle auctions lower; Futures lower.

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

Cotton prices lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 lower. August Feeder cattle futures were 35 cents lower, closing at $141.17 per hundredweight (cwt). The Texas fed cattle cash trade was inactive. August Fed cattle futures were $1.15 lower, closing at $108.85 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.03 to close at $200.63 per cwt and Select grade losing 42 cents to close at $196.19 per cwt. Estimated cattle harvest for the week totaled 472,000 up 7,000 from last week’s total and 23,000 from last year’s total. Year-to-date harvest is up 5.2%.

Cotton prices were lower with cash prices losing 1.00 cents to close at 68.75 cents per pound and October futures losing 2.59 cents to close at 69.26 cents per pound.

Corn prices were lower with cash prices losing 14 cents to close at $3.58 per bushel and September futures losing 15 cents to close at $3.57 per bushel. Grain Sorghum cash prices were 20 cents lower, closing at $5.36 per bushel.

Wheat prices were lower with cash prices losing 15 cents to close at $3.89 per bushel and September futures losing 16 cents to close at $4.48 per bushel.

Milk prices were lower with August Class III losing 4 cents to close at $16.39 per cwt.

Stock markets were lower today, dropping the Dow Jones over 200pts making it the largest one-day decline since the middle of May. The retreat from the recent rally’s come as the geopolitical tensions between the U.S. and North Korea continue to linger. September Crude oil futures were 97 cents lower, closing at $48.59 per barrel. Crude oil prices pushed over $50 a barrel, and then quickly fell back below the $50 mark, as investors are struggling with data released that has shown the global glut of crude is beginning to fall, but OPEC’s production is starting to rise.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 20.03 percent of Texas still in some stage of drought intensity, down 6.49 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, on par with three months ago. On the national level, drought conditions improved slightly, with 29.77 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.75 percentage points from last week.

Daily Market News Summary Data 08/10/17

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