Texas Daily Ag Market News Summary 03/10/16

Posted 8 years 262 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 higher.

Cotton futures higher.

Grains and soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher. Feeder cattle futures were $2.50 higher, closing at $161.55 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $1.42 to close at $225.24 per cwt and select grade gaining $0.21 to close at $213.85 per cwt. Fed cattle futures were $1.53 higher, closing at $138.30 per cwt. Estimated cattle harvest for the week totaled 430,000 head up 3,000 from last week and 3,000 from last year’s total.

Cotton March futures gained 0.24 cents to close at 56.83 cents per pound.

Corn March corn futures were higher gaining $0.04 to close at $3.63 per bushel.

Wheat March futures gained $0.08 to close at $4.73 per bushel.

Milk prices were lower with Class III Milk futures losing $0.02 to close at $13.80 per cwt.

Stock markets were lower today, as the EU Central Bank announced a series of new stimulus measures, highlighting a lack of faith in the central banks to stimulate growth and inflation. Crude oil prices were lower, losing $0.45 to close at $37.84 per barrel.

Daily Market Summary Data 03/10/16

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This week’s U.S. Drought Monitor for Texas showed a slight worsening in drought conditions for the state, with 30.68% of Texas still in some stage of drought intensity, up 6 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 as well, with 35.41% of the U.S. experiencing abnormal dryness or some degree of drought, up 3.43 percentage points from last week.