Texas Daily Ag Market News Summary 03/23/16

Posted 8 years 249 days ago by

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

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

Cotton futures higher.

Grains and soybeans lower.

Milk futures steady.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 lower, with one instance of steady to $3 higher. Feeder cattle futures were $0.15 lower, closing at $161.40 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. Whole sale boxed beef values were mixed with choice grade losing $1.73 to close at $226.18 per cwt and select grade gaining $0.15 to close at $218.15 per cwt. Fed cattle futures were $0.97 lower, closing at $135.45 per cwt. Estimated cattle harvest for the week totaled 327,000 head down 7,000 from last week and up 11,000 from last year’s total. For the time period March 14-20, The USDA NASS Field Office reported that livestock conditions continued to progress as supplemental feeding continued across the state. Warmer temperatures and recent rainfall have helped pasture conditions improve and tank levels to stabilize in areas of the Blacklands and North East Texas. Feral hog damage continued to be a problem in North East Texas.

Cotton prices were mixed with cash prices remaining at 55.62 cents per pound. May futures were higher gaining 0.02 cents to close at 58.39 cents per pound. The USDA NASS Field Office reported cotton planting was active in areas of the Upper Coast and the Coastal Bend, as some cotton producers in the northern part of the state continued field preparations.

Corn prices were lower with corn futures losing $0.01 to close at $3.69 per bushel. The USDA NASS Field Office reported that corn producers in areas of the Southern Low Plains commenced planting, while corn and sorghum were emerging in areas of the Blacklands and South East Texas.

Wheat prices were lower with wheat futures losing $0.05 to close at $4.72 per bushel. The USDA NASS Field Office reported that increased moisture from recent rainfall benefited winter wheat development in areas of the Cross Timbers, the Edwards Plateau, and South Texas. However, winter wheat in areas of the Southern High Plains and the Coastal Bend showed signs of rust.

Milk prices were steady with March Class III Milk futures remaining at $13.82 per cwt.

Stock markets were lower again today, backtracking from the markets recent gains. Crude oil prices were lower, with May Crude oil futures losing $1.66, to close at $39.79 per barrel.

Daily Market Summary Data 03/23/16

If you are interested in receiving this daily report, please subscribe here.