Texas Daily Ag Market News Summary 02/11/16

Posted 8 years 290 days ago by

Feeder cattle auctions reported prices steady to $6 lower; Futures lower.

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

Cotton futures lower.

Grains and soybeans mixed.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $6 lower per cwt, one location reported prices $2 to $3 higher per cwt. Feeder cattle futures were $0.97 lower, closing at $150.25 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $1.17 to close at $217.02 per cwt; select grade gained $0.65 to close at $214.27 per cwt. Fed cattle futures were $2.35 lower, closing at $130.12 per cwt. Estimated cattle harvest for the week totaled 431,000 head up 39,000 from last week and 3,000 from last year.

Cotton cash prices were steady remaining at 57.37 cents per pound; March futures dropped 0.46 cents to close at 58.42 cents per pound.

Corn prices were mixed with cash prices gaining $0.01 to close at $3.66; March futures were steady to remaining at $3.60 per bushel. Grain Sorghum cash prices were higher gaining $0.01 to close at $5.54 per cwt.

Wheat prices were mixed with cash prices remaining at $3.59 per bushel; March futures prices were lower dropping $0.01 to close at $4.44 per bushel.

Milk prices were higher with February Class III Milk futures gaining $0.10 to close at $13.88 per cwt.

Stock markets were lower today, as yesterday’s sell off continued forcing investors to retreat to safer investments in government bonds and gold. Crude oil prices were lower losing $1.24 to close at $26.21 per barrel.

Daily Market Summary Data 02/11/16

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This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with only 11.99% of Texas still in some stage of drought intensity, up 9.65 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened slightly, with 29.18% of the U.S. experiencing abnormal dryness or some degree of drought, down .26 percentage points from last week.