Texas Daily Ag Market News Summary 07/20/17

Posted 6 years 273 days ago by

Feeder cattle auctions higher; Futures lower.

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

Cotton futures higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $6 higher. August Feeder cattle futures were $2.23 lower, closing at $152.27 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. August Fed cattle futures were $1.40 lower, closing at $115.87 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 8 cents to close at $207.65 per cwt and Select grade gaining 9 cents to close at $195.58 per cwt. Estimated cattle harvest for the week totaled 465,000 down 10,000 from last week’s total and up 16,000 from a year ago. Year-to-date harvest is up 3.6%.

Cotton prices were uneven with cash prices remaining 67.25 cents per pound and October futures gaining 0.79 cents to close at 69.55 cents per pound.

Corn prices were higher with cash and September futures both gaining 8 cents and both closing at $3.91 per bushel. Grain Sorghum cash prices were 14 cents higher, closing at $5.90 per bushel.

Wheat prices were lower with cash and September futures both gaining 4 cents to close at $4.37 per bushel and $5.04 per bushel, respectively.

Milk prices were lower with July Class III losing 25 cents to close at $16.30 per cwt.

Stock markets were lower today, retreating from yesterday’s record highs, behind falling crude oil prices. August Crude oil futures were 33 cents lower, closing at $46.79 per barrel. Crude oil prices retreated from yesterday’s seven-week high, as well. However, investors do not see this to be a signal that the market is losing momentum. Even though prices fell there are still positive signs to look at, whether its continuing to fall U.S. crude oil inventory numbers or the reported global increase in demand for crude oil.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 25.58 percent of Texas still in some stage of drought intensity, up 1.70 percentage points from last week. Additionally, 0.46 percent of the state remains in severe, extreme, or exceptional drought, up 0.46 percentage points from three months ago. On the national level, drought conditions worsened as well, with 29.33 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 6.23 percentage points from last week.

Daily Market News Summary Data 07/20/17

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