Texas Daily Ag Market News Summary 02/18/16

Posted 8 years 283 days ago by

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

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

Cotton mixed.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher, one location reported prices steady to $4 lower. Feeder cattle futures were $0.47 higher, closing at $156.47 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $0.96 to close at $213.39 per cwt; select grade gained $1.64 to close at $209.27 per cwt. Fed cattle futures were $1.05 higher, closing at $135.15 per cwt. Estimated cattle harvest for the week totaled 408,000 head down 23,000 from last week and 10,000 from last year. Year-to-date harvest is down 2.4%.

Cotton prices were mixed with cash prices losing 0.50 cents to close at 57.37 cents per pound; March futures gained 0.04 cents to close at 59.91 cents per pound.

Corn prices were lower with cash and futures prices both losing $0.01 to close at $3.69 and $3.66 per bushel, respectively. Grain Sorghum cash prices were lower, losing $0.03 to close at $5.54 per cwt.

Wheat prices were lower with cash and futures prices both losing $0.01 to close at $3.68 and $4.53 per bushel, respectively.

Milk prices were higher with February Class III Milk futures gaining $0.01 to close at $13.84 per cwt.

Stock markets were lower today, as the three-day rally came to an end due to a resumed selling of bank and energy stocks amid concerns of uneven economic growth. Crude oil prices were higher gaining $0.11 to close at $30.77 per barrel.

Daily Market Summary Data 02/18/16

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This week’s U.S. Drought Monitor for Texas showed significant worsening in drought conditions for the state, with 44.84% of Texas in some stage of drought intensity, up 32.95 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened as well, with 32.25% of the U.S. experiencing abnormal dryness or some degree of drought, up 3.07 percentage points from last week.