Texas Daily Ag Market News Summary 02/02/17

Posted 7 years 298 days ago by

Feeder cattle auction reported lower prices; Futures higher.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil lower; Natural gas higher.

Stock markets uneven.

Texas feeder cattle auctions reported prices $2 to $8 lower. March Feeder cattle futures were $1.68 higher, closing at $123.75 per hundredweight (cwt). The Texas fed cattle cash trade was lower today, closing at $119.00 per cwt. February Fed cattle futures were $1.30 higher to close at $116.87 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 74 cents to close at $193.01 per cwt and Select grade losing 23 cents to close at $190.62 per cwt. Estimated cattle harvest for the week totaled 450,000 down 1,000 from last week’s total and up 56,000 from a year ago. Year-to-date harvest is up 14.3%.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 72.50 cents per pound and March futures gaining 0.47 cents to close at 76.91 cents per pound.

Corn prices were steady with cash prices remaining at $3.61 per bushel March futures remaining at $3.68 per bushel.

Wheat prices were higher with cash prices gaining 3 cents to close at $3.36 per bushel and March futures gaining 2 cents to close at $4.43 per bushel.

Milk prices were higher with February Class III futures gaining 25 cents to close at $16.99 per cwt.

Stock markets were uneven today, as gains in telecom shares offset increases in consumer staples shares. March Crude oil futures were 34 lower closing at $53.54 per bushel. Crude oil prices were lower, after investors look too signs of rising inventories and falling production.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 7.66 percent of Texas still in some stage of drought intensity, down 0.10 percentage points from last week. Additionally, 1.08 percent of the state is in severe, extreme, or exceptional drought, down 5.42 percentage points from three months ago. On the national level, drought conditions improved slightly, as well, with 31.98 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.83 percentage points from last week.

DailyMarket News Summary Data 02/02/17

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