Texas Daily Ag Market News Summary 03/16/16

Posted 8 years 256 days ago by

Feeder cattle auctions reported prices steady to $12 higher; Futures higher.

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

Cotton futures higher.

Grains and soybeans mixed.

Milk futures higher

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $12 higher. Feeder cattle futures were $0.48 higher, closing at $164.45 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were higher with choice grade gaining $2.91 to close at $233.92 per cwt and select grade gaining $2.10 to close at $223.68 per cwt. Fed cattle futures were $0.83 higher, closing at $141.55 per cwt. Estimated cattle harvest for the week totaled 334,000 head up 12,000 from last week and 7,000 from last year’s total. For the time period March 07-13 USDA NASS Field office reported that livestock conditions were favorable throughout the state. Range and pasture continued to progress due to recent rainfall and warm season grasses are greening rapidly. Some producers in North East Texas experienced flooding and could not reach their pastures.

Cotton prices were mixed with cash prices remaining at 55.62 cents per pound. May futures were higher, gaining 0.08 cents to close at 58.32 cents per pound. The USDA reported that cotton planting preparations continued in the Northern Low Plains.

Corn prices were lower with cash and futures prices both losing $0.01 to close at $3.70 and $3.68 per bushel, respectively. The USDA reported that in areas of the Cross Timbers, South East Texas, and the Upper Coast producers made good progress planting corn ahead of the rains. Corn planting in areas of the Blacklands and sorghum planting in the Upper Coast were interrupted due to rainfall. Grain Sorghum cash prices were steady as well, to remain at $5.32 per cwt.

Wheat prices were lower with cash and futures prices both losing $0.05 to close at $4.09 and $4.84 per bushel, respectively. The USDA field office reported that winter wheat has progressed well throughout the state. In areas of the Low Plains and South Texas, some producers were treating wheat for rust due to high humidity. Oats progressed well in the Southern High Plains.

Milk prices were higher with Class III Milk futures gaining $0.01 to close at $13.80 per cwt.

Stock markets were higher today, after Federal Reserve officials proposed that interest rates could rise, less than originally expected, this year. Crude oil prices were higher gaining $2.12 to close at $38.46 per barrel.

Daily Market Summary Data 03/16/16

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