Texas Daily Ag Market News Summary 10/18/16

Posted 7 years 185 days ago by

Feeder cattle auction reported prices steady to $4 higher; Futures higher.

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

Cotton prices uneven.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions quoted prices steady to $4 higher. October Feeder cattle futures were $0.32 higher, closing at $122.02 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. October Fed cattle futures were $0.48 higher, closing at $97.75 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $0.30 to close at $181.30 and Select grade losing $0.48 to close at $172.13. Estimated cattle harvest for the week totaled 230,000 head on par with last week’s total, and up 5,000 from a year ago. Year-to-date harvest is up 2.3%. For the time period of October 10-16 the USDA NASS Field Office reported that livestock continued to progress across the state with abundant forage growth due to good pasture conditions. Stock tank and pond levels declined in areas of North East Texas. Army worm continued to cause problems for producers in areas of the Cross Timbers, the Blacklands, and South East Texas.

Cotton prices were uneven with cash prices gaining 0.25 cents to close at 69.12 cents per pound and December futures losing 0.04 cents to close at 71.15 cents per pound. The USDA NASS Field Office reported that Cotton harvest continued to progress statewide. Growers in areas of the Trans-Pecos applied defoliants preparing for harvest.

Corn prices were steady with cash and December futures both remaining at $3.50 per bushel and $3.54 per bushel, respectively. Grain Sorghum cash prices were steady as well, remaining at $5.20 per cwt. The USDA NASS Field Office reported that corn and sorghum harvest continued in the Plains as producers moved closer to completion.

Wheat prices were uneven with cash prices gaining $0.01 to close at $3.14 per bushel and December futures remaining at $4.22 per bushel. The USDA NASS Field Office reported that winter wheat seedings continued across the state, with producers taking advantage of soil moisture while available. Re-seeding of some wheat fields was necessary in areas of the Northern High Plains due to insects and disease issues.

Milk prices were higher with October Class III futures gaining $0.02 to close at $14.73 per cwt.

Stock markets closed higher today, after some companies reported better than expected corporate earnings reports. November Crude oil futures were $0.35 higher, closing at $50.29 per barrel. As OPEC participants continue to think over the proposed production cuts.

Daily Market News Summary Data 10/18/16

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