Texas Daily Ag Market News Summary 11/02/17

Posted 7 years 25 days ago by

Feeder cattle auctions higher; Futures lower.

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

Cotton prices higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions were higher, reporting prices steady to $6 higher. November Feeder cattle futures were $1.78 lower, closing at $157.92 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. December Fed cattle futures were $2.28 lower, closing at $124.32 per cwt. Wholesale boxed beef values were uneven, with Choice grade gaining 86 cents to close at $208.25 per cwt and Select grade losing 55 cents to close at $193.16 per cwt. Estimated cattle harvest for the week totaled 467,000 up 3,000 from last week’s total and 9,000 from last year’s total. Year-to-date harvest is up 2.0%.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 69.00 cents per pound and December cotton futures gaining 0.91 cents to close at 69.08 cents per pound.

Corn prices were higher with cash prices and December futures both gaining 3 cents to close at $3.53 per bushel and $3.51 per bushel, respectively. Grain Sorghum cash prices picked up a nickel, to close at $5.47 per cwt.

Wheat prices were higher with cash prices and December futures both gaining a dime to close at $3.61 per bushel and $4.26 per bushel, respectively.

Milk prices were lower with November Class III milk losing 7 cents to close at $16.56 per cwt.

Stock markets closed higher today after a rocky start, caused by the Republican tax code overhaul proposal. If successfully implemented it will be the most extreme tax overhaul in decades, however, U.S. indexes settled down and hit a fresh record high after investors and diplomats got the opportunity to parse over to proposed plan. December Crude oil futures were 24 cents higher, to close at $54.54 per barrel. Crude oil prices hit a two-year high, as optimism surrounding OPEC’s ability to erase the global glut of crude oil, is continuing to grow.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 28.82 percent of Texas still in some stage of drought intensity, up 9.71 percentage points from last week. Additionally, 0.11 percent of the state remains in severe, extreme, or exceptional drought, down 0.62 percentage points from three months ago. On the national level, drought conditions improved, with 33.53 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 2.83 percentage points from last week.

Daily Market News Summary Data 11/02/17

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