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Mar
31
2014

TDA Daily Agriculture Market Summary 3/31/14

Posted 8 years 306 days ago ago by

  • Feeder cattle steady to $10 higher; futures lower.
  • Fed cattle cash trade steady; futures higher; beef prices lower.
  • Cotton higher.
  • Grains mixed; soybeans unchanged to lower.
  • Crude oil higher; natural gas lower.
  • Stock markets higher.

 

Texas auctions reported feeder cattle prices steady to $10 higher per cwt compared to the previous week. Feeder cattle futures were lower. The fed cattle cash market was quiet on Friday after trading steady for the week at $150 per cwt. Wholesale boxed beef values were sharply lower on Friday, with reports that packers dropped prices so they could free-up some cooler space prior to this week’s run. Estimated cattle slaughter for the week totaled 585,000 head, higher than the previous week, but lower than a year ago. For the year, cattle slaughter is running 6.8% behind last year’s pace. Fed cattle futures were higher.

Cotton cash prices and futures were higher on Friday. There was no fresh fundamental cotton news on Friday so most of the price movement was the result of traders taking up positions ahead of today’s USDA planting intentions report.

Wheat prices were sharply lower ahead of today’s reports, which are expected to show lower stocks on hand, but higher spring wheat plantings. Traders also continue to watch the situation in Ukraine.

Corn and grain sorghum prices were unchanged to higher on Friday on positioning ahead of the USDA reports and concerns that “rain and cooler temperatures are going to delay planting in some areas.”

Stock markets closed higher on Friday, but most major indexes were lower for the week. The blue-chip D-J Industrial Average was the sole exception, up 0.1% for the week, but the tech-heavy Nasdaq Composite was down 2.8%. On Friday, the Labor Department reported that personal income rose by 0.3% during February, equaling expectations, while consumer spending increased more than expected. A major U.S. consumer sentiment index for March came in a little lower than expected.


Disclaimer: The information compiled in the Daily Market Summary is obtained from a variety of sources, including those available on the Internet, that are believed to be reliable and accurate, but are in no way guaranteed. This information is intended to provide only a summary of market trends and a daily snapshot of agricultural markets and economic indicators. It should not be relied upon as a sole source of market information. Commentary is the author’s alone and does not in any way convey official TDA policies.