Texas Daily Ag Market News Summary 10/19/17

Posted 7 years 39 days ago by

Feeder cattle auctions mixed; Futures higher.

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

Cotton futures lower.

Grains and soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions were mixed reporting prices steady to $2 higher, with instances of $1 to $2 lower. October Feeder cattle futures were 70 cents higher, closing at $152.77 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were 50 cents lower, closing at $116.15 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.31 to close at $199.57 per cwt and Select grade gaining $1.67 to close at $190.76 per cwt. Estimated cattle harvest for the week totaled 462,000 down 7,000 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 mixed with cash prices remaining at 66.25 cents per pound and December cotton futures losing 0.32 cents to close at 67.31 cents per pound.

Corn prices were steady with cash prices and December futures both holding steady to remain at $3.50 per bushel and $3.49 per bushel, respectively. Grain Sorghum cash prices were 2 cents higher, as well to close at $5.42 per cwt.

Wheat prices were higher with cash prices and December futures both gaining a penny to close at $3.64 per bushel and $4.29 per bushel, respectively.

Milk prices were higher with November Class III milk losing 25 cents to close at $16.09 per cwt.

Stock markets were higher today, bouncing back from a triple digit decline the day before, as earnings from individual stocks drove up major indexes. November Crude oil futures were 75 cents lower, to close at $51.29 per barrel. Crude oil prices reversed recent gains as concerns over geopolitical tension have begun to subside and investors are starting to cash in on the gains last week.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 19.19 percent of Texas in some stage of drought intensity, up 6.51 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the National level, drought conditions improved slightly, with 37.75 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.32 percentage points from last week.

Daily Market News Summary Data 10/19/17

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