Texas Daily Ag Market News Summary 10/31/17

Posted 7 years 27 days ago by

Feeder cattle auctions higher; Futures higher.

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

Cotton futures lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions were higher reporting prices steady to $10 higher. November Feeder cattle futures were $1.10 higher, closing at $159.42 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $2.22 higher, closing at $125.62 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $3.12 to close at $206.44 per cwt and Select grade gaining 26 cents to close at $193.90 per cwt. Estimated cattle harvest for the week totaled 233,000 up 1,000 last week’s total and 3,000 from last year’s total. Year-to-date harvest is up 1.3%. For the time period of October 23 – 29 the USDA NASS Field Office reported that cattle producers were using supplemental feeding in the Cross Timbers, North East Texas, the Coastal Bend and South Texas. However, livestock condition remained mostly good to fair across the state. Pasture and range condition have been adversely affected by the drought. Cooler temperatures slowed growth of pastures.

Cotton futures were lower with cash prices holding steady to remain at 68.50 cents per pound and December cotton futures losing 0.26 cents to close at 68.38 cents per pound. The USDA NASS Field Office reported that a freeze affected cotton fields in the Plains, with some producers reporting damage to late maturing fields. However, cotton harvest continued in full swing in the Plains, the Blacklands and the Trans-Pecos.

Corn prices were lower with cash prices and December futures both losing 3 cents to close at $3.48 per bushel and $3.46 per bushel, respectively. The USDA NASS Field Office reported that corn harvest was near completion in the Blacklands. Grain Sorghum cash prices were 3 cents lower to close at $5.38 per cwt.

Wheat prices were lower with cash prices and December futures both losing a nickel to close at $3.52 per bushel and $4.17 per bushel, respectively. The USDA NASS Field Office reported that armyworms continued being an issue in small grain fields across the state. Planting and replanting of wheat continued in many areas. Early planted wheat continued emerging in most parts of the state.

Milk prices were higher with November Class III milk gaining 4 cents to close at $16.58 per cwt.

Stock markets closed higher today, taking back yesterday’s losses, behind big gains in consumer staple and Food company shares. November Crude oil futures were 23 cents higher, to close at $54.38 per barrel. Crude oil prices continued to rise and hit a fresh 8-month high as the Saudi Arabian prince continues to reiterate his commitment to supporting OPEC’s production cuts.

Daily Market News Summary Data 10/31/17

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