Texas Daily Ag Market News Summary 10/26/17

Posted 7 years 32 days ago by

Feeder cattle auctions uneven; Futures higher.

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

Cotton prices lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions were uneven reporting prices steady to $6 higher, with instances of $2 to $4 lower. November Feeder cattle futures were $1.00 higher, closing at $157.17 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $1.64 higher, closing at $120.70 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining $2.16 to close at $202.37 per cwt and Select grade losing 48 cents to close at $191.91 per cwt. Estimated cattle harvest for the week totaled 464,000 up 2,000 last week’s total and 10,000 from last year’s total. Year-to-date harvest is up 2.2%.

Cotton prices were lower with cash prices losing 0.50 cents to close at 67.50 cents per pound and December cotton futures losing 1.12 cents to close at 68.19 cents per pound.

Corn prices were steady with cash prices and December futures both holding steady to remain at $3.53 per bushel and $3.51 per bushel, respectively. Grain Sorghum cash prices were a penny lower to close at $5.44 per cwt.

Wheat prices were lower with cash prices losing a nickel to close at $3.63 per bushel and December futures losing 6 cents to close at $4.28 per bushel.

Milk prices were higher with November Class III milk gaining 16 cents to close at $16.29 per cwt.

Stock markets closed higher today after a number of business reported upbeat earnings reports, reversing yesterday’s trend of disappointing numbers. November Crude oil futures were 46 cents higher, to close at $52.64 per barrel. Crude oil prices rose again today, after reports showed declining crude stockpiles combined with renewed hopes that OPEC will extend their deal to limit global crude production.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with 19.11 percent of Texas still in some stage of drought intensity, down 0.06 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought, down 1.26 percentage points from three months ago. On the national level, drought conditions worsened slightly, with almost 40.12% of the U.S. experiencing abnormal dryness or some degree of drought, up 0.51 percentage points from last week.

Daily Market News Summary Data 10/26/17

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