Texas Daily Ag Market News Summary 02/01/17

Posted 7 years 299 days ago by

Feeder cattle auction reported lower prices; Futures lower.

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

Cotton futures higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $4 to $10 lower. March Feeder cattle futures were 70 cents lower, closing at $122.07 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at 119.02 per cwt. February Fed cattle futures were 3 cents lower to close at $115.57 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 88 cents to close at $193.75 per cwt and Select grade gaining $1.92 to close at $190.85 per cwt. Estimated cattle harvest for the week totaled 337,000 down 1,000 from last week’s total and up 55,000 from a year ago. Year-to-date harvest is up 21.8%.

Cotton prices were uneven with cash prices remaining at 72.25 cents per pound and March futures gaining 1.50 cents to close at 76.44 cents per pound.

Corn prices were higher with cash prices gaining 9 cents to close at $3.61 per bushel and March futures gaining 8 cents to close at $3.68 per bushel.

Wheat prices were higher with cash prices gaining 15 cents to close at $3.33 per bushel and March futures gaining 11 cents to close at $4.41 per bushel.

Milk prices were higher with February Class III futures gaining 3 cents to close at $16.74 per cwt.

Stock markets were higher today, behind increases in technology shares. March Crude oil futures were $1.07 higher, to close at $53.88 per barrel.

Daily Market News Summary Data 02/01/17

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From Agri-Pulse:

WASHINGTON, Jan.31, 2017 – Tom Vilsack is backing Sonny Perdue to run the Department of Agriculture, the job Vilsack held for eight years under President Barack Obama, according to a press release from the Trump transition team.

The release notes that Perdue is only one of President Donald Trump’s cabinet nominees to secure the support of his predecessor.

The transition team released the following statement from Vilsack, a former Democratic governor of Iowa, in support of Perdue, a former Republican governor of Georgia:

“I have had the opportunity to work with Gov. Perdue and know how committed he is to all of our farmers, ranchers and producers regardless of size or production method expand markets here and throughout the world. As a former governor, he knows full well the opportunities and challenges that exist in rural communities. He will, I am sure, work hard to expand opportunity in rural America.

“Coming from Georgia he knows the importance of maintaining healthy forests so he will be supportive of the Forest Service in its mission of protecting and restoring our forests. As a former governor, he will understand and pay attention to the many and varied interests that depend on the department including efforts to provide all of us and especially our children with safe, nutritious and affordable food.

“Finally, his familiarity with our great Land Grant University system, including minority serving institutions, place him in a good place to advocate for the work at those colleges and universities in research and the development of the next generation of farmers, ranchers and producers.”

Vilsack is currently president and CEO of the U.S. Dairy Export Council.