Texas Daily Ag Market News Summary 03/09/17

Posted 7 years 43 days ago by

Feeder cattle auction reported mixed prices; Futures higher.

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

Cotton futures lower.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets flat.

Texas feeder cattle auctions were mixed reporting prices steady to $5 higher and $1 to $2 lower. March Feeder cattle futures were $1.78 higher, closing at $126.15 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were 53 cents higher, closing at $116.50 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.95 to close at $215.56 per cwt and Select grade gaining $1.71 to close at $209.00 per cwt. Estimated cattle harvest for the week totaled 454,000 down 7,000 from last week’s total and up 19,000 from a year ago. Year-to-date harvest is up 4.4%.

Cotton prices were uneven with cash prices remaining at 75.75 cents per pound and May futures losing 0.38 cents to close at 76.90 cents per pound.

Corn prices were lower with cash and March corn futures both losing a nickel to close at $3.60 per bushel and $3.60 per bushel, respectively . Grain Sorghum cash prices were 9 cents lower, closing at $5.43 per cwt.

Wheat prices were lower with cash and March futures both losing 4 cents to close at $3.72 per bushel and $4.53 per bushel, respectively.

Milk prices were lower with April Class III losing 6 cents to close at $15.82 per cwt.

Stock markets closed flat today, as energy shares rebounded from yesterday’s losses. April Crude oil futures were $1.00 lower, closing at $49.28 per barrel.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 29.08 percent of Texas still in some stage of drought intensity, up 4.58 percentage points from last week. Additionally, 0.93 percent of the state remains in severe, extreme, or exceptional drought, down 0.08 percentage points from three months ago. On the national level, drought conditions improved slightly, with 32.78 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.94 percentage points from last week.

DailyMarket News Summary Data 03/09/17

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