Texas Daily Ag Market News Summary 02/09/17

Posted 7 years 291 days ago by

Feeder cattle auction reported higher 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 steady.

Crude oil higher; Natural gas higher.

Stock markets higher.

Texas feeder cattle auctions reported prices $2 to $12 higher. March Feeder cattle futures were $1.32 higher, closing at $123.62 per hundredweight (cwt). The Texas fed cattle cash trade was lower today, closing at $119.26 per cwt. February Fed cattle futures were 88 cents higher, closing at $117.65 per cwt. Wholesale boxed beef values were lower, with Choice grade losing 72 cents to close at $188.71 per cwt and Select grade losing 67 cents to close at $185.82 per cwt. Estimated cattle harvest for the week totaled 446,000 down 4,000 from last week’s total and up 13,000 from a year ago. Year-to-date harvest is up 3.0%.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 72.75 cents per pound and March futures gaining 0.33 cents to close at 75.58 cents per pound.

Corn prices were uneven with cash prices remaining at $3.64 per bushel and March futures losing a penny to close at $3.70 per bushel. Grain Sorghum cash prices were 2 cents lower, closing at $5.47 per cwt.

Wheat prices were higher with cash and March futures both gaining 9 cents to close at $3.43 per bushel and $4.51 per bushel, respectively.

Milk prices were steady with February Class III futures remaining at $16.85 per cwt.

Stock markets closed higher today after President Trump made an announcement that pushed investors to believe that he will be enacting his plan to lower taxes in the near future. March Crude oil futures were 66 cents higher, closing at $53.00 per barrel.

This week’s U.S. Drought Monitor for Texas showed a slight worsening of drought conditions for the state, with 9.44 percent of Texas still in some stage of drought intensity, up 1.78 percentage points from last week. Additionally, 1.22 percent of the state remains in severe, extreme, or exceptional drought, down 4.33 percentage points from three months ago. On the national level, drought conditions improved slightly, with 31.01 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.97 percentage points from last week.

Daily Market News Summary Data 02/09/17

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