Texas Daily Ag Market Summary 2/17/15

Posted 9 years 285 days ago by

As yesterday was President’s Day and some markets and offices were close, today’s report reflects the most current prices available.

· Feeder cattle steady to $5 higher; futures sharply higher.
· Fed cattle cash trade inactive; formula trades lower; futures higher; beef prices lower.
· Cotton cash unchanged; futures higher.
· Grains and soybeans higher.
· Crude oil higher; natural gas higher.
· Stock markets higher.

Most Texas feeder cattle auctions quoted prices steady to $5 higher, with two locations reporting increases of $8 to $10 higher per cwt. Feeder cattle futures rose sharply higher late in session in response support in the live cattle market. The Texas fed cattle cash trade was inactive on Monday, though prices were steady at $162 over the weekend. Wholesale boxed beef values were lower to sharply lower. Estimated cattle harvest for to close last week week totaled 537,000 head, down 10K from the previous week and 3K from a year ago. Estimated cattle harvest for yesterday was 99,000 head, up 12K from last year. Year-to-date harvest is up 13.8%. Fed cattle futures were higher due to speculative buying, technical optimism, and cash support.

Cotton cash prices were unchanged, but futures were 22 points higher on Friday despite low export totals on Thursday. No other fresh news is available on cotton, and analysts are still discussing the drop in nearly 15% drop in cotton acreage projected by the National Cotton Council for 2015.

Corn and grain sorghum prices were higher with a strengthening basis, a rise in oil prices, and a weaker dollar to draw support from. Soybeans were also higher with news of a large sale to China. Wheat prices were higher, with help of row fellow crops and outside markets. Traders responded by buying cheap prices while the fighting in Ukraine continues.

Stock markets were higher on Friday, with the Dow and S&P500 closing with new highs for 2015 with help from gains in the European market. Crude oil futures increased 3.1% to $52.78 per barrel. .

Daily Market Summary Data for 2/17/2015

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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.