Texas Daily Ag Market News Summary 09/07/17

Posted 7 years 81 days ago by

Feeder cattle auctions steady; Futures higher.

Fed cattle cash trade inactive; Formula trade higher; Futures higher; 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 steady prices. September Feeder cattle futures were $2.25 higher, closing at $145.55 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $1.52 higher, closing at $106.22 per cwt. Wholesale boxed beef values were higher, with Choice grade losing 80 cents to close at $192.13 per cwt and Select grade losing 51 cents to close at $190.16 per cwt. Estimated cattle harvest for the week totaled 352,000 down 113,000 from last week’s total and up 9,000 from last year’s total. Year-to-date harvest is up 2.7%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 73.75 cents per pound and October futures losing 0.23 cents to close at 75.03 cents per pound.

Corn prices were lower with cash prices losing 6 cents to close at $3.48 per bushel and September futures losing a nickel to close at $3.42 per bushel. Grain Sorghum cash prices were 10 cents lower, closing at $5.27 per bushel.

Wheat prices were lower with cash prices losing 3 cents to close at $3.67 per bushel and September futures losing 7 cents to close at $4.16 per bushel.

Milk prices were lower with September Class III losing 6 cents to close at $16.28 per cwt.

Stock markets were lower today as investors focus on the potential impacts from yet another high power hurricane crashing into the U.S. coastline. October Crude oil futures were 7 cents lower, closing at $49.09 per barrel.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 5.16 percent of Texas still in some stage of drought intensity, up 1.30 percentage points from last week. Additionally, 0.04 percent of the state remains in severe, extreme, or exceptional drought, up 0.04 percentage points from three months ago. On the national level, drought conditions worsened slightly as well, with 30.09 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.52 percentage points from last week.

Daily Market News Summary Data 09/07/17

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