Texas Daily Ag Market News Summary 09/14/17

Posted 7 years 74 days ago by

Feeder cattle auctions steady; Futures higher.

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

Cotton prices lower.

Grains and soybeans uneven.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. September Feeder cattle futures were 20 cents higher, closing at $148.80 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 63 cents lower, closing at $106.92 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 60 cents to close at $191.00 per cwt and Select grade losing $1.97 to close at $186.72 per cwt. Estimated cattle harvest for the week totaled 468,000 up 116,000 from last week’s total and 21,000 from last year’s total. Year-to-date harvest is up 4.7%.

Cotton prices were lower with cash prices remaining at 69.25 cents per pound and October futures losing 0.20 cents to close at 69.78 cents per pound.

Corn prices were higher with cash prices gaining a penny to close at $3.56 per bushel and September futures gaining 3 cents to close at $3.42 per bushel. Grain Sorghum cash prices were picked up 4 cents to close at $5.51 per cwt.

Wheat prices were uneven with cash prices losing 2 cents to close at $3.77 per bushel and September futures gaining 3 cents to close at $4.21 per bushel.

Milk prices were lower with September Class III milk losing 2 cents to close at $16.26 per cwt.

Stock markets generally closed lower today, except for the Dow Jones Industrial Average which closed at a record high for the third consecutive day. Major U.S. indexes hovered between gains and losses and investors struggled with the political tension between North Korea and the U.S. and what appears to be signs of rising inflation. October Crude oil futures were 59 cents higher, closing at $49.89 per barrel. Crude prices have picked up gains in recent sessions as the global supply has continued to decline while demand has continued to rise.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 7.55 percent of Texas still in some stage of drought intensity, up 2.39 percentage points from last week. Additionally, 0.04 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 33.74 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.65 percentage points from last week.

Daily Market News Summary Data 09/14/17

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