Texas Daily Ag Market News Summary 11/28/17

Posted 7 years 30 days ago by

Feeder cattle futures up.
Formula trades lower; Beef prices lower.
Cotton prices up.
Grains and soybeans mixed.
Milk futures up.
Crude oil lower; Natural gas higher.
Stock markets up.

Texas feeder cattle auctions showed steady with one instance of steady to strong. January Feeder cattle futures were a nickel higher, closing at $154.50 per hundredweight (cwt). The Texas fed cattle cash trade was not active today. December Fed cattle futures were lower, falling 17 cents to close at $119.65 per cwt. Wholesale boxed beef values were lower, with Choice grade falling 94 cents to close at $208.63 per cwt and Select grade falling 8 cents to close at $187.20 per cwt. Estimated cattle harvest for the week totaled 238,000, down 2,000 from last week’s total and up 9,000 from last year’s total. Year-to-date harvest is up 3.93%.

Cotton prices were higher, gaining a quarter to close at 70.25 cents per pound and December cotton futures gaining 1.9 cents to close at 74.05 cents per pound.

Corn prices were up with cash prices gaining 3 cents, closing at $3.53 per bushel and December futures down 3 cents to close at $3.36 per bushel. Grain Sorghum cash prices were down, falling 3 cents to close at $5.48 per cwt.

Wheat prices were up with cash prices gaining a nickel to close at $3.63 per bushel and December futures gaining 2 cents to close at $4.09 per bushel.

Milk prices were up with November Class III milk closing at $16.81 per cwt.

Stock markets were up today, with all three major indexes showing gains. December Crude oil futures were down 12 cents to close at $57.99 per barrel.

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From Weekly Recap:

AUSTIN – (Nov. 27, 2017) For the shortened holiday week ending Nov. 25, 2017, Texas feeder cattle auctions reported mixed prices from steady to $2 lower and steady to $2 higher. Texas Weekly Direct reported prices $1 to $5 lower. Wholesale Beef values were uneven at the end of the week, with Choice Grade gaining $4.81 to close at $210.99 per hundredweight (cwt) and Select Grade losing 20 cents to end at $187.85 per cwt. Fed cattle cash prices were near unchanged as trade and demand were moderate in the Texas Panhandle. Cattle producers continued using supplemental feed in the Cross Timbers, the Blacklands, East Texas, South Central Texas and South Texas. Pasture and range conditions were rated at 69 percent fair-to-good, a 4-point decline from the previous week.

Cotton prices were higher at the close of last week, with cash prices gaining 0.88 to close at 70.25 cents per pound and December futures gaining 0.86 cents to end at 72.23 cents per bushel. Cotton harvest continued in the Plains, the Blacklands, East Texas, the Trans-Pecos and the Edwards Plateau. Sorghum and sunflower harvest was nearing completion in the Southern High Plains.

Wheat prices were higher at the close of last week, with cash prices gaining 2 cents to close at $3.66 per bushel and December futures losing a penny to close at $4.15 per bushel. Winter Wheat seeding was ongoing in the Northern High Plains. Producers in the Coastal Bend were in need of precipitation to continue seeding operations. Winter Wheat in areas of the Southern Low Plains was in fair to poor conditions due to lack of moisture. Producer in the South Texas were irrigating Winter Wheat fields.

Corn prices were uneven at the close of last week, with cash prices gaining 6 cents to close at $3.56 per bushel and December futures losing 3 cents to close at $3.42 per bushel.

Grain sorghum cash prices were higher at the close of last week, gaining 9 cents to end at $5.60 per cwt.

Milk prices were lower at the close of last week, with November Class III milk futures losing 3 cents to end the week at $16.80 per cwt.

This week’s U.S. Drought Monitor for Texas showed slightly moderate drought conditions for the state, with 59.98 percent of Texas still in some stage of drought intensity, up 14.32 percentage points from last week. Dry conditions persisted across many areas of the state, while temperatures were cooler than the previous week. The only significant rain was recorded in the Upper Coast, where precipitation ranged between trace amounts and 1.5 inches. On the national level, drought conditions improved, with 36.82 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.79 percentage points from last week.