Texas Daily Ag Market News Summary 02/04/16

Posted 8 years 297 days ago by

Feeder cattle auctions reported prices steady to $5 higher; Futures lower.

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

Cotton lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets steady.

Texas feeder cattle auctions reported prices steady to $5 higher per cwt. Feeder cattle futures were $1.43 lower, closing at $156.52 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $2.46 to close at $223.03 per cwt; select grade gained $0.46 to close at $218.48 per cwt. Fed cattle futures were $0.22 higher, closing at $137.07 per cwt. Estimated cattle harvest for the week totaled 392,000 head down 52,000 from last week and 38,000 from last year. Year-to-date harvest is down 8.9%.

Cotton prices were lower with cash prices losing 1.75 cents to close at 58.37 cents per pound; March futures dropped 1.71 cents to close at 60.23 cents per pound.

Corn prices were lower with cash prices losing $0.04 to close at $3.72 per bushel; March futures prices dropped $0.02, to close at $3.69 per bushel. Grain Sorghum cash prices were lower, losing $0.04 to close at $5.69 per cwt.

Wheat prices were lower with cash prices losing $0.09 to close at $3.74 per bushel; March futures prices lost $0.09 as well to close at $4.60 per bushel.

Milk prices were higher with February Class III milk futures gaining $0.03 to close at $13.93 per cwt.

Stock markets were steady today, as investors remain cautious ahead of Friday’s earnings report. Crude oil prices were lower losing $0.56 to close at $31.72 per barrel.

Daily Market Summary Data 02/04/16

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This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 2.34% of Texas still in some stage of drought intensity, up 0.39 percentage points from last week. On the national level, drought conditions worsened slightly, with 28.92% of the U.S. experiencing abnormal dryness or some degree of drought, up 0.91 percentage points from last week.