Feb 22 2016

Texas Daily Ag Market News Summary 02/22/16 Posted 8 years 279 days ago by

Feeder cattle auctions reported prices steady to $10 higher; Futures lower.

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

Cotton lower.

Grains and soybeans mixed.

Milk futures lower.

Crude oil higher; Natural gas higher.

Stock markets higher.

 

 

Texas feeder cattle auctions reported prices steady to $10 higher. Feeder cattle futures were $0.70 lower, closing at $155.17 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $134.00 per cwt. Whole sale boxed beef values were higher with choice grade gaining $1.62 to close at $213.28 per cwt; select grade gained $1.65 to close at $209.80 per cwt. Fed cattle futures were $1.05 higher, closing at $136.42 per cwt. Estimated cattle harvest for the week totaled 103,000 head up 10,000 from last week and 4,000 from last year.

Cotton prices were lower with cash prices losing 0.75 to close at 56.62 cents per pound; March futures dropped 2.27 cents to close at 57.74 cents per pound.

Corn prices were higher with cash and futures prices both gaining $0.02 to close at $3.71 and $3.68 per bushel, respectively.

Wheat prices were lower with cash prices losing $0.04 to close at $3.68; March futures dropped $0.03 to close at $4.54 per bushel.

Milk prices were lower with February Class III Milk futures losing $0.01 to close at $13.81 per cwt. 

Stock markets were higher today, carried by rising commodities prices. Crude oil prices were higher, gaining $1.84 to close at $31.48 per barrel.

 

 

Daily Market Summary Data 02/22/16

 

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From Agri-Pulse:

 

WASHINGTON, Feb. 21, 2016 - The clock is ticking this week for senators to reach agreement on a biotech labeling bill that can win enough Democratic support to reach President Obama's desk.

 

Agriculture Chairman Pat Roberts has been negotiating with his committee's top Democrat, Debbie Stabenow, on the legislation but went ahead and released a draft measure that lacks a key requirement she has been seeking - mandatory disclosure of GMO ingredients.

 

Roberts scheduled a markup for the bill for Thursday, effectively setting a deadline for the talks.

 

After Roberts released his draft Friday, Stabenow issued a statement saying she agreed with the “urgency” of acting on legislation and was committed to working on an agreement.

 

Roberts made clear he is open to modifying the legislation. but he told Agri-Pulse “we've got to expedite this. We have to provide certainty and help keep food affordable for working families.”

 

His bill would preempt state labeling laws, including the one in Vermont set to take effect July 1, and mandate that the Agriculture Department set standards for voluntary labeling of biotech foods. USDA and the Department of Health and Human Services also would be required to study consumer knowledge of agricultural biotechnology.

 

Food makers, retailers and farm groups applauded Roberts' decision to move forward with the bill. The Democratic senators from North Dakota, Minnesota and Michigan will likely be critical to moving the bill. The three states are the leading producers of sugar beets, most of which are genetically engineered.

 

David Berg, the president and CEO of American Crystal Sugar Co., a major supplier of beet sugar based in Moorhead, Minn., told Agri-Pulse his company has been trying to persuade Sen. Heidi Heitkamp, D-N.D., and Minnesota's two Democratic senators to support the legislation.

 

“Going back to non-GMO is simply not an option anytime soon,” he said, citing the unavailability of conventional seed. Passing the preemption bill would relieve some of the pressure that his customers are feeling over the GMO issue, he said.

 

Meanwhile, the Senate is schedule to move forward Monday with confirmation of Robert Califf as commissioner of the Food and Drug Administration. The agency has been without a permanent commissioner for nearly a year. If the Senate approves cloture Monday evening, a final vote on the nomination could come Tuesday.

 

Sen. Lisa Murkowski, R-Alaska, put a hold on Califf's nomination over the issue of labeling genetically engineered salmon. But Murkowski dropped her objection after the FDA recently agreed that it wouldn't allow the fish to go to market until the agency issued labeling guidelines.

 

On Wednesday, Agriculture Secretary Tom Vilsack will testify before the House Agriculture Committee and is likely to be pressed on the slumping farm economy as well as the biotech issue.

 

Committee Chairman Mike Conaway, R-Texas, is at odds with Vilsack over his refusal to allow cottonseed to qualify for the new farm bill commodity programs. Vilsack insists he doesn't have the legal authority to do so.

 

Also Wednesday, the Senate Environment and Public Works Committee will question administration officials about their implementation of the Renewable Fuel Standard. The witnesses will include Janet McCabe, acting assistant administrator for the EPA's Office of Air and Radiation, and Howard Gruenspecht, deputy administrator of the Energy Information Administration.

 

Philanthropist Howard Buffett will headline USDA's annual Agricultural Outlook Forum, which takes place Thursday and Friday in Arlington, Va., and features the release of USDA's crop and livestock forecasts for the year ahead. The theme of this year's conference is “Transforming Agriculture: Blending Technology and Tradition.” Sessions will cover a range of issues, including climate change mitigation; land tenure and transition; the potential benefits of environmental markets; and the security concerns of Big Data.

 

Here's a list of agriculture- or rural-related events scheduled for this week in Washington and elsewhere:

 

Monday, Feb. 22

 

National Governors Association winter meeting. U.S. Trade Representative joins President Obama in meeting with the governors.  Agriculture Secretary Tom Vilsack will moderate a governors panel on rural poverty, starting at 4:30 p.m., Washington Marriott Wardman Park

 

American Farm Bureau Federation advocacy conference, through Wednesday, Washington Hilton.

 

National Potato Council Fly-In, through Thursday, Mayflower Hotel.

 

5:30 p.m. - Senate cloture vote on nomination of Robert Califf as FDA commissioner.

 

Tuesday, Feb. 23

 

Vilsack will participate on chronic poverty for members of the National Association of Counties at 11:15 a.m., Washington Marriott Wardman Park

 

Vilsack will hold a media call with Farm Bureau President Zippy Duvall on the impact of the Trans-Pacific Partnership.

 

USDA Advisory Committee on Animal Health meeting through Thursday, Dallas.

 

10 a.m. - Senate Energy and Natural Resources Committee hearing on the Interior Department's fiscal 2017 budget, 366 Dirksen.

 

2:30 p.m. - Senate Commerce, Science and Transportation subcommittee hearing on the Magnuson-Stevens fisheries management law, 253 Russell.

 

 

 

Wednesday, Feb. 24

 

9:30 a.m. - House Interior-Environment Appropriations Subcommittee hearing on the Forest Service, B-308 Rayburn

 

10 a.m. - House Agriculture Committee hearing with Agriculture Secretary Tom Vilsack, 1300 Longworth.

 

10 a.m. - Senate Environment and Public Works Committee hearing on the Renewable Fuel Standard, 406 Dirksen.

 

10:15 a.m. - House Agriculture Appropriations Subcommittee hearing on the Food and Nutrition Service, 2362-A Rayburn.

 

2:30 p.m. - House Agriculture Appropriations Subcommittee hearing on the Food Safety and Inspection Service, 2362-A Rayburn.

 

 

 

Thursday, Feb. 25

 

USDA Agricultural Outlook Forum, through Friday

 

8:30 a.m. - USDA releases Weekly Export Sales report.

 

9 a.m. - USDA issues monthly Food Price Outlook.

 

10 a.m. Senate Committee on Agriculture, Nutrition & Forestry holds a business meeting to consider the Chairman's Mark on biotechnology labeling solutions.

 

10 a.m. - House Agriculture subcommittee hearing on the G-20 swap data reporting goals, 1300 Longworth.

 

10:30 a.m. - House Agriculture Appropriations hearing on the FDA, 2362-A Rayburn.

 

Friday,  Feb. 26

 

Ag Outlook Forum.