Texas Daily Ag Market News Summary 09/28/17

Posted 7 years 60 days ago by

Feeder cattle auctions mixed; Futures higher.

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

Cotton prices higher.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions were mixed reporting prices $2 to $6 lower and $3 to $5 higher. October Feeder cattle futures were 25 cents higher, closing at $152.95 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were 40 cents higher, closing at $108.97 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.11 to close at $196.41 per cwt and Select grade losing 80 cents to close at $189.11 per cwt. Estimated cattle harvest for the week totaled 472,000 up 8,000 from last week’s total and 15,000 from last year’s total. Year-to-date harvest is up 3.3%.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 68.50 cents per pound and October futures gaining 0.32 cents to close at 69.60 cents per pound.

Corn prices were lower with cash prices losing 2 cents to close at $3.55 per bushel and December futures losing a penny to close at $3.53 per bushel. Grain Sorghum cash prices were 3 cents lower as well, closing at $5.46 per cwt.

Wheat prices were lower with cash prices losing 7 cents to close at $3.91 per bushel and December futures losing 6 cents to close at $4.53 per bushel.

Milk prices were lower with October Class III milk losing a nickel to close at $16.29 per cwt.

Stock markets were higher today, pushed up by gains in chemical companies. November Crude oil futures were 34 cents lower, to close at $51.88 per barrel.

This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 70.54 percent of Texas still in some stage of drought intensity, down 8.73 percentage points from last week. Additionally, 0.04 percent of the state remains in severe, extreme, or exceptional drought, down 0.57 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 36.93 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 0.07 percentage points from last week.

Daily Market News Summary Data 09/27/17

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