Texas Daily Ag Market News Summary 03/03/16

Posted 8 years 269 days ago by

Feeder cattle auctions reported prices $2 to $5 higher; Futures lower.

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

Cotton higher.

Grains and soybeans mixed.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets steady.

Texas feeder cattle auctions reported prices $2 to $5 higher. Feeder cattle futures were $0.70 lower, closing at $157.60 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were lower with choice grade losing $0.30 to close at $219.75 per cwt; select grade dropped $0.29 to close at $211.64 per cwt. Fed cattle futures were $0.85 lower, closing at $135.45 per cwt. Estimated cattle harvest for the week totaled 427,000 head up 4,000 from last week and down 2,000 from last year’s total. Year-to-date harvest is down 0.5%.

Cotton cash prices were higher, gaining .50 cents to close at 54.37 cents per pound; March futures gained 0.38 cents to close at 58.42 cents per pound.

Corn prices were mixed with cash prices gaining $0.01 to close at $3.59 per bushel; March corn futures were lower, dropping $0.01 to close at $3.54 per bushel. Grain Sorghum prices were steady remaining at $5.11 per cwt.

Wheat prices were higher with cash prices gaining $0.10 to close at $3.90; March futures gained $0.11 to close at $4.54 per bushel.

Milk prices were higher with April Class III Milk futures gaining $0.14 to close at $13.77 per cwt.

Stock markets were steady today, as investors were hesitant to make any huge trade before the release of Fridays job report. Crude oil prices were lower, losing $0.09 to close at $34.57 per barrel.

Daily Market Summary Data 03/03/16

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This week’s U.S. Drought Monitor for Texas showed a slight worsening in drought conditions for the state, with 24% of Texas still in some stage of drought intensity, up 2.26 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 31.98% of the U.S. experiencing abnormal dryness or some degree of drought, up 2.08 percentage points from last week.