Texas Daily Ag Market News Summary 09/12/17

Posted 7 years 76 days ago by

Feeder cattle auctions higher; Futures lower.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported steady prices, with instances of $2.50 to $4.00 higher. September Feeder cattle futures were 48 cents lower, closing at $147.97 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 93 cents lower, closing at $106.27 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 77 cents to close at $190.79 per cwt and Select grade gaining 48 cents to close at $190.86 per cwt. Estimated cattle harvest for the week totaled 233,000 up 114,000 from last week’s total and 10,000 from last year’s total. Year-to-date harvest is up 4.5%. For the time period of September 4 – 10 the USDA NASS Field Office reported that producers in the Coastal Bend and the Upper Coast suffered livestock losses during the passing of Hurricane Harvey two weeks ago. Livestock in the rest of the state remained in mostly good condition. Pasture and range condition were rated good to fair statewide.

Cotton prices were lower with cash prices and October futures both losing 3.00 cents to close at 70.25 cents per pound and 70.71 cents per pound, respectively. The USDA NASS Field Office reported that cotton development in the Northern High Plains made favorable progress thanks to the warm weather and setting bolls neared completion. Cotton harvest continued in South Texas and the Lower Valley.

Corn prices were uneven with cash prices remaining at $3.54 per bushel and September futures losing 6 cents to close at $3.40 per bushel. Grain Sorghum cash prices were picked up a penny to close at $5.38 per cwt. The USDA NASS Field Office reported that the corn harvest continued in the Blacklands and North East Texas. Some producers reported sorghum fields in the Southern High Plains being infested with sugarcane aphids.

Wheat prices were higher with cash prices gaining 19 cents to close at $3.76 per bushel and September futures gaining 7 cents to close at $4.16 per bushel. The USDA NASS Field Office reported that winter wheat seedings started in the Plains and the Edwards Plateau.

Milk prices were higher with September Class III milk gaining a dime to close at $16.32 per cwt.

Stock markets were higher today pushing the Dow Jones, S&P 500 and the Nasdaq Composite to close at record highs. Gains came after investor confidence bounced back from the uncertainty surrounding Hurricane Irma, the start-up of U.S. refineries and North Korea has appeared to backed off from conducting more tests associated with their nuclear program. October Crude oil futures were 16 cents higher, closing at $48.23 per barrel. Crude prices picked up gains after OPEC announced that oil output had fallen in the month of August combined with the expectation that demand will be higher than previously expected.

Daily Market News Summary Data 09/12/17

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