Texas Daily Ag Market News Summary 08/29/17

Posted 7 years 90 days ago by

Feeder cattle auctions steady; Futures lower.

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

Cotton prices higher.

Grains and soybeans mixed.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported steady prices, with limited activity due to storms. September Feeder cattle futures were $2.85 lower, closing at $143.02 per hundredweight (cwt). The Texas fed cattle cash trade was inactive. October Fed cattle futures were $2.27 lower, closing at $106.10 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 27 cents to close at $191.77 per cwt and Select grade gaining $2.17 to close at $190.79 per cwt. Estimated cattle harvest for the week totaled 233,000 down 3,000 from last week’s total and up 7,000 from last year’s total. Year-to-date harvest is up 3.0%. For the week of August 21-27 the USDA NASS Field Office reported that producers continued providing supplemental feed for livestock in South Texas. Livestock was mostly rated fair to good in the state. Range and pasture condition was also rated mostly fair to good across the state.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 71.75 cents per pound and October futures gaining 0.23 cents to close at 70.56 cents per pound. The USDA NASS Field Office reported that cotton in the Northern Plains was in need of heat units. Several producers in the Coastal Bend completed cotton harvested prior to the arrival of hurricane Harvey. Cotton modules in the Coastal Bend received little to no damage from the hurricane.

Corn prices were lower with cash prices and September futures both losing 2 cents and both closing at $3.34 per bushel. Grain Sorghum cash prices were 5 cents lower, closing at $5.05 per bushel. The USDA NASS Field Office reported corn harvest continued in the Southern High Plains, the Cross Timbers, the Blacklands, North East Texas and South Central Texas. Sorghum grain fill advanced rapidly in the Northern High Plains. Sorghum harvest continued in the Edwards Plateau and the Southern Plains. Rains and moisture kept delaying the harvest of corn and sorghum in the Northern Low Plains and areas of the Blacklands.

Wheat prices were mixed with cash prices gaining a penny to close at $3.39 per bushel and September futures remaining at $3.97 per bushel. The USDA NASS Field Office reported that field preparations continued for the 2017 wheat crop.

Milk prices were lower with September Class III losing 12 cents to close at $16.44 per cwt.

Stock markets were higher today, after North Korea launched ballistic missiles over Japan, bringing gains to industrial and technology shares. October Crude oil futures were 13 cents lower, closing at $46.44 per barrel. Crude oil prices have continued their recent declining trends as Hurricane Harvey has continued to hit the energy heavy city of Houston.

Daily Market News Summary Data 08/29/17

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