Texas Daily Ag Market News Summary 09/21/17

Posted 7 years 67 days ago by

Feeder cattle auctions lower; Futures lower.

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

Cotton prices lower.

Grains and soybeans mostly higher.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $4 lower. October Feeder cattle futures were $1.40 lower, closing at $155.87 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 85 cents lower, closing at $110.10 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 53 cents to close at $191.51 per cwt and Select grade losing 11 cents to close at $188.41 per cwt. Estimated cattle harvest for the week totaled 464,000 down 4,000 from last week’s total and up 8,000 from last year’s total. Year-to-date harvest is up 1.8%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 68.50 cents per pound and October futures losing 1.00 cents to close at 69.04 cents per pound.

Corn prices were steady with cash prices and December futures both remaining at $3.52 per bushel and $3.50 per bushel, respectively. Grain Sorghum cash prices were steady as well, remaining at $5.43 per cwt.

Wheat prices were higher with cash prices and December futures both gaining 2 cents to close at $3.85 per bushel and $4.50 per bushel, respectively.

Milk prices were higher with October Class III milk gaining 11 cents to close at $16.02 per cwt.

Stock markets were lower today, backing away from gains earlier in the week, as declines in technology and consumer-staple’s shares have dragged down major U.S. indexes. November Crude oil futures were 14 cents lower, to close at $50.55 per barrel. Crude prices moved between gains and losses as investors are waiting to see if OPEC will do more to ease the global glut of crude oil.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 20.73 percent of Texas still in some stage of drought intensity, up 13.18 percentage points from last week. Additionally, 0.35 percent of the state remains in severe, extreme, or exceptional drought, up 0.35 percentage points from three months ago. On the national level, drought conditions worsened slightly as well, with 36.86 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.12 percentage points from last week.

Daily Market News Summary Data 09/21/17

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