Texas Daily Ag Market News Summary 10/10/17

Posted 7 years 48 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton cash prices lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $8 higher. October Feeder cattle futures were 30 cents higher, closing at $154.07 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $2.28 higher, closing at $113.70 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 73 cents to close at $197.40 per cwt and Select grade gaining $1.36 to close at $190.02 per cwt. Estimated cattle harvest for the week totaled 233,000 up 8,000 from last week’s total and 4,000 from last year’s total. Year-to-date harvest is up 1.8%. For the time period of October 2 – 8 the USDA NASS Field Office reported that cattle and livestock conditions remained mostly good to fair across the state. Reports indicated that the supplemental feeding in South Texas was suspended due to availability of good quality forage. Flies on cattle were a problem in the Coastal Bend. Pasture and range condition improved or were unchanged from the previous week in most parts of the state.

Cotton prices were uneven with cash prices losing 0.75 cents to close at 67.75 cents per pound and December cotton futures holding steady to remain at 68.95 cents per pound. The USDA NASS Field Office reported that cotton in the Northern Plains and the Southern High Plains struggled to develop due to the lack of warm weather. The potential of a freeze concerned cotton producers in those districts. Southern Low Plains cotton producers applied defoliants with boll opener to help cotton advance toward maturity. Cotton harvest continued in the Blacklands and North East Texas.

Corn prices were lower with cash prices and December futures both losing a penny to close at $3.51 per bushel and $3.49 per bushel, respectively. Grain Sorghum cash prices were 2 cents lower to close at $5.42 per cwt. The USDA NASS Field Office reported that corn harvest in the Northern High Plains was delayed due to precipitation and mycotoxin levels continued to be a concern among producers. Rain also delayed the harvest of sorghum in the Northern and Southern High Plains and Northern Low Plains.

Wheat prices were uneven with cash prices losing 8 cents to close at $3.63 per bushel and December futures holding steady to remain at $4.31 per bushel. The USDA NASS Field Office reported that rains helped wheat progress, but delayed seeding. However, producers across many areas of the state continued seeding wheat between rains. Armyworms were reported in the Blacklands and the Edwards Plateau.

Milk prices were lower with October Class III milk losing 4 cents to close at $16.70 per cwt.

Stock markets were higher today, resuming their recent momentum, behind gains in consumer staples and energy shares. November Crude oil futures were $1.34 higher, to close at $50.92 per barrel. Crude prices rose after Saudi Arabia announced that it will cut its monthly exports by up to 7%, effectively restoring investor confidence that OPEC will be able cut down the global over supply of crude.

Daily Market News Summary Data 10/10/17

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