Texas Daily Ag Market News Summary 10/03/17

Posted 7 years 55 days ago by

Feeder cattle auctions uneven; Futures higher.

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

Cotton futures lower.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions were mixed reporting prices steady to $2 lower, with instances of $3 to $5 lower. October Feeder cattle futures were $2.07 higher, closing at $152.42 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $1.28 higher, closing at $109.10 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 65 cents to close at $197.87 per cwt and Select grade gaining 74 cents to close at $189.02 per cwt. Estimated cattle harvest for the week totaled 225,000 down 11,000 from last week’s total and 1,000 from last year’s total. Year-to-date harvest is down 0.5%. For the time period of September 25 – October 1 the USDA NASS Field Office reported that cattle and livestock condition remained good to fair across the state. Pasture and range condition have not changed much from the previous week, but with the recent rains conditions were expected to improve.

Cotton prices were mixed with cash prices remaining at 67.75 cents per pound and October futures losing 0.05 cents to close at 68.15 cents per pound. The USDA NASS Field Office reported that cool weather delayed the progress of cotton in the High Plains and the Northern Low Plains. Cotton harvest in areas of the Cross Timbers was on hold due to the rain, while harvest continued in the Blacklands.

Corn prices were lower with cash prices and December futures both losing 2 cents to close at $3.52 per bushel and $3.50 per bushel, respectively. Grain Sorghum cash prices were 6 cents lower, closing at $5.40 per cwt. The USDA NASS Field Office reported that corn producers in the Northern High Plains were concerned about the mycotoxins in the corn and the effect it will have on quality. Sugarcane aphids continued to infest grain sorghum fields in the Southern High Plains, requiring producers to monitor pest levels daily.

Wheat prices were higher with cash prices and December futures both gaining 3 cents to close at $3.77 per bushel and $4.42 per bushel, respectively. The USDA NASS Field Office reported that the rainfall helped the early planted wheat and oats, but delayed seeding operations. Early planted wheat was emerging in the Southern Low Plains.

Milk prices were higher with October Class III milk gaining a dime to close at $16.43 per cwt.

Stock markets were higher today, extending recent gains, behind up-beat car sales and increases in airline shares. November Crude oil futures were 16 cents lower, to close at $50.42 per barrel. Crude oil prices continued retreating from gains last week after banks released their oil price forecasts revealing a fifth consecutive drop in prices. Crude oil prices are falling as concerns surrounding another global oversupply of crude oil, next year, are rising.

Daily Market News Summary Data 10/03/17

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