Texas Daily Ag Market News Summary 02/24/16

Posted 8 years 277 days ago by

Feeder cattle auction quoted prices steady to $3 higher; Futures higher.

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

Cotton lower.

Grains and soybeans lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions quoted prices steady to $3 higher, one location reported prices steady to $3 lower. Feeder cattle futures were $0.93 higher, closing at $157.95 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Wholesale boxed beef values were higher, with Choice grade gaining $2.58 and Select grade gaining $1.42 settling at $217.72 and $213.72 per cwt, respectively. Estimated cattle harvest for the week totaled 314,000 head, up 13,000 from last week’s total, and 3,000 from a year ago. Fed cattle futures were $0.02 higher, closing at $136.97 per cwt.

Cotton prices were lower with cash prices losing 0.50 cents to close at 55.37 cents per pound; March Cotton futures were 0.47 cents lower, closing at 57.70 cents per pound. For the reporting period of February 15-21, the USDA NASS Texas field office indicated that cotton producers in the area of the Edwards Plateau began preparations for the 2016 cotton crop.

Corn prices were lower, with cash and futures prices both losing $0.02 to close at $3.63 and $3.60 per bushel, respectively. Grain sorghum prices were steady to remain at $5.48 per cwt. In areas of the Blacklands, the Upper Coast, South Central, East and South Texas corn planting was active. Sorghum producers prepared for planting in the Blacklands, while planting had begun in areas of the Upper Coast.

Wheat prices were lower with cash prices losing $0.01 to close at $3.60 per bushel; March Wheat futures lost $0.03 to close at $4.43 per bushel. In areas of the Northern High Plains some producers began irrigation and fertilizer applications on winter wheat fields. Producers were concerned with temperatures much above average as wheat began to progress out of the dormancy stage. Dry conditions in the Blacklands were contributing to declining conditions of wheat and oats.

Stock markets closed slightly higher today, erasing yesterday’s losses. Crude oil prices closed $0.28 higher today, settling at $32.15 per barrel.

Daily Market News Summary Data 02/24/16

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