Texas Daily Ag Market Summary 3/2/15

Posted 9 years 271 days ago by

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

Texas feeder cattle auctions quoted prices mostly steady to $4 higher, with some locations unable to hold auctions due to inclement weather. Feeder cattle futures were higher, but not quite high enough to match mid-month highs. End-of-the-month position taking took priority over early gains with trade volume totals looking small. The Texas fed cattle cash trade remained inactive on Friday. Wholesale boxed beef values were higher. Estimated cattle harvest for the week totaled 523,000 head, up 2K from the previous week, but down 47K from a year ago. Year-to-date harvest is down 8.2%. Fed cattle futures were sharply lower as front-month February futures expired at noon on Friday.

Cotton cash and futures prices were lower on Friday with the week’s early bullish gains unable to be maintained. China’s most recent customs data shows that the country imported in January the lowest amount of cotton since 2010 for the same month. This combined with lingering wintry conditions caused some unease in investment.

Corn and grain sorghum prices were higher as traders remain concerned about U.S. corn acreage in 2015. Soybean prices are higher as traders keep an eye on Brazil’s trucker strike.

Wheat prices followed corn higher and was supported by lower-than-expected inflation numbers.

Stock markets were mostly lower on Friday, but still ended February strongly. Crude oil was mostly lower. However, analysts attribute February’s rally to factors including diminished international risks and a stabilization in oil prices.

Daily Market Summary Data for 3/2/2015

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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.