Texas Daily Ag Market News Summary 08/17/17

Posted 7 years 102 days ago by

Feeder cattle auctions mixed; Futures lower.

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

Cotton futures lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions were mixed, reporting prices steady to $4 lower with instances of $2 to $5 higher. September Feeder cattle futures were $2.40 lower, closing at $140.72 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $109.99 per cwt. October Fed cattle futures were $2.10 lower, closing at $106.22 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.88 to close at $195.63 per cwt and Select grade losing 84 cents to close at $194.20 per cwt. Estimated cattle harvest for the week totaled 467,000 down 2,000 from last week’s total and up 14,000 from last year’s total. Year-to-date harvest is up 3.1%.

Cotton futures were lower with October futures losing 0.10 cents to close at 67.45 cents per pound and cash prices were steady to remain at 67.75 cents per pound

Corn prices were lower with cash prices losing 3 cents to close at $3.50 per bushel and September futures losing 2 cents to close at $3.51 per bushel. Grain Sorghum cash prices were 4 cents lower, closing at $5.22 per bushel.

Wheat prices were lower with cash prices and September futures both losing 6 cents to close at $3.54 per bushel and $4.14 per bushel, respectively.

Milk prices were higher with September Class III gaining 10 cents to close at $17.15 per cwt.

Stock markets were lower today, reversing yesterday’s gains behind a string of disappointing earnings reports and renewed political tensions with North Korea. September Crude oil futures were 31 cents higher, closing at $47.09 per barrel.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with only 10.29 percent of Texas still in some stage of drought intensity, down 9.74 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, down 1.20 percentage points from three months ago. On the national level, drought conditions improved slightly, with 28.05 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.72 percentage points from last week.

Daily Market News Summary Data 08/17/17

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