Texas Daily Ag Market News Summary 02/25/16

Posted 8 years 276 days ago by

Feeder cattle auction quoted prices steady to $10 higher; Futures higher.

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

Cotton futures higher.

Grains and soybeans lower.

Crude oil higher; Natural gas lower.

Stock markets higher.

Texas feeder cattle auctions quoted prices steady to $10 higher, one location reported prices $3 lower. Feeder cattle futures were $1.15 higher, closing at $159.10 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Wholesale boxed beef values were higher, with Choice grade gaining $1.04 and Select grade gaining $0.26 settling at $218.76 and $213.98 per cwt, respectively. Estimated cattle harvest for the week totaled 423,000 head, up 15,000 from last week’s total, and 3,000 from a year ago. Fed cattle futures were $0.90 higher, closing at $137.87 per cwt.

Cotton cash prices were steady remaining at 55.37 cents per pound; March Cotton futures were 0.46 cents higher, closing at 58.16 cents per pound.

Corn prices were lower, with cash and futures prices both losing $0.04 to close at $3.59 and $3.56 per bushel, respectively. Grain sorghum prices were lower, dropping $0.07 to close at $5.41 per cwt.

Wheat prices were higher with cash and futures prices both gaining $0.03 to close at $3.63 and $4.46 per bushel, respectively.

Stock markets closed higher today, as stocks and financial companies followed behind rising oil prices. Crude oil prices closed $0.92 higher today, settling at $33.07 per barrel.

Daily Market News Summary Data 02/25/16

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This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 22.39% of Texas still in some stage of drought intensity, down 22.45 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved as well, with 29.9% of the U.S. experiencing abnormal dryness or some degree of drought, down 2.35 percentage points from last week.