Texas Daily Ag Market News Summary 03/17/16

Posted 8 years 255 days ago by

Feeder cattle auctions reported prices $2 to $7 higher; Futures lower.

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

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 $2 to $7 higher. Feeder cattle futures were $0.73 lower, closing at $163.72 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade gaining $0.72 to close at $234.64 per cwt and select grade losing $0.71 to close at $222.97 per cwt. Fed cattle futures were $0.40 lower, closing at $141.15 per cwt. Estimated cattle harvest for the week totaled 442,000 head up 12,000 from last week and 11,000 from last year’s total.

Cotton prices were mixed with cash prices remaining at 55.62 cents per pound. May futures were higher, gaining 0.04 cents to close at 58.36 cents per pound.

Corn prices were higher with cash and futures prices both gaining $0.01 to close at $3.71 and $3.69 per bushel, respectively. Grain Sorghum cash prices were steady, to remain at $5.32 per cwt.

Wheat prices were lower with cash prices losing $0.14 to close at $3.95 per bushel; May wheat futures dropped $0.13 to close at $4.71 per bushel.

Milk prices were higher with Class III Milk futures gaining $0.03 to close at $13.83 per cwt.

Stock markets were higher today, as commodity prices stabilized and oil prices rose above $40 a barrel. The Dow Jones Industrial Average reached into positive territory for the year. Crude oil prices were higher gaining $1.74 to close at $40.20 per barrel.

Daily Market Summary Data 03/17/16

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This week’s U.S. Drought Monitor for Texas showed a vast improvement in drought conditions for the state, with only 11.42% of Texas still in some stage of drought intensity, down 19.26 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved slightly, with 33.50% of the U.S. experiencing abnormal dryness or some degree of drought, down 1.91 percentage points from last week.