Texas Daily Ag Market News Summary 08/31/17

Posted 7 years 88 days ago by

Feeder cattle auctions higher; Futures lower.

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

Cotton futures higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $2 higher. September Feeder cattle futures were $1.18 lower, closing at $142.57 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $104.71 per cwt. October Fed cattle futures were 72 cents lower, closing at $105.40 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 19 cents to close at $191.91 per cwt and Select grade gaining 22 cents to close at $191.34 per cwt. Estimated cattle harvest for the week totaled 465,000 down 4,000 from last week’s total and up 15,000 from last year’s total. Year-to-date harvest is up 3.4%.

Cotton futures were higher with cash prices remaining at 72.75 cents per pound and October futures gaining 0.01 cents to close at 71.48 cents per pound.

Corn prices were higher with cash prices gaining 13 cents to close at $3.42 per bushel and September futures gaining 12 cents to close at $3.42 per bushel, as well. Grain Sorghum cash prices were 11 cents higher, closing at $5.10 per bushel.

Wheat prices were higher with cash prices gaining 7 cents to close at $3.49 per bushel and September futures gaining 9 cents to close at $4.09 per bushel.

Milk prices were lower with September Class III losing 7 cents to close at $16.20 per cwt.

Stock markets were higher today, pushed up even further by strong economic data. Investor confidence is rising behind recently released economic data that suggests individual’s personal spending and income are rising at a slow and steady pace. October Crude oil futures picked up $1.27, closing at $47.23 per barrel. Crude prices have surged recently as Hurricane Harvey hit the largest fuel conduit in the U.S. disrupting the flow of crude oil shipments around the world.

This week’s U.S. Drought Monitor for Texas showed a vast improvement in drought conditions for the state, with only 3.86 percent of Texas still in some stage of drought intensity, down 9.70 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, on par from three months ago. On the national level, drought conditions worsened slightly, with 28.57 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.14 percentage points from last week.

Daily Market News Summary Data 08/31/17

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