Texas Daily Ag Market News Summary 02/07/17

Posted 7 years 293 days ago by

Feeder cattle auction reported higher prices; Futures higher.

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

Cotton futures lower.

Grains and soybeans higher.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices steady to $8 higher. March Feeder cattle futures were 70 cents higher, closing at $124.22 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were $1.25 higher to close at $117.67 per cwt. Wholesale boxed beef values were lower, with Choice grade losing $1.27 to close at $189.96 per cwt and Select grade losing $2.87 to close at $187.78 per cwt. Estimated cattle harvest for the week totaled 221,000 down 7,000 from last week’s total and up 4,000 from a year ago. Year-to-date harvest is up 1.9%. For the time period of Jan. 30^th – Feb. 5^th the USDA NASS Field Office reported that supplemental feeding continued across much of the state. Pasture quality deteriorated in the Coastal Bend from the freeze, while South Texas pastures suffered from a lack of rainfall. Warm weather helped growth in the Northern Low Plains and South East Texas.

Cotton prices were uneven with cash prices remaining at 72.50 cents per pound and March futures losing 0.54 cents to close at 75.09 cents per pound. The USDA NASS Field Office reported that the cotton harvest was nearing completion in the High Plains.

Corn prices were higher with cash and March futures both gaining a nickel to close at $3.62 per bushel and $3.69 per bushel, respectively. The USDA NASS Field Office reported Field preparations for corn continued in the Blacklands, South Central, South Texas, and the Lower Valley. Grain Sorghum cash prices were 9 cents higher, closing at $5.46 per cwt.

Wheat prices were higher with cash and March futures both gaining 4 cents to close at $3.32 per bushel and $4.40 per bushel, respectively. The USDA NASS Field Office reported that winter wheat was in fair condition across much of the state. Wheat crops emerged and irrigation systems were active in areas of the Southern High Plains and South Texas. In the Blacklands and North East Texas, producers were beginning to top dress in anticipation of spring growth.

Milk prices were lower with February Class III futures losing a penny to close at $16.78 per cwt.

Stock markets closed slightly higher today as declines in the energy sector were offset by increases in technology and consumer staples shares. March Crude oil futures were 84 cents lower, closing at $52.17 per barrel. Crude oil prices fell for the second straight day, as the dollar continued to pick up strength combined with growing fear that U.S. Government data, to be released on Wednesday, will reveal that U.S fuel and oil inventories are continuing to grow.

DailyMarket News Summary Data 02/07/17

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