Texas Daily Ag Market News Summary 02/16/17

Posted 7 years 284 days ago by

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton futures lower.

Grains and soybeans lower.

Milk futures higher.

Crude oil higher; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher. March Feeder cattle futures were 45 cents lower, closing at $123.82 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were 25 cents lower, closing at $116.52 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining 88 cents to close at $189.22 per cwt and Select grade gaining $1.04 to close at $188.19 per cwt. Estimated cattle harvest for the week totaled 433,000 down 16,000 from last week’s total and up 21,000 from a year ago. Year-to-date harvest is up 5.1%.

Cotton prices were mixed with cash prices remaining at 72.25 cents per pound and March futures losing 0.70 cents to close at 75.01 cents per pound.

Corn prices were lower with cash prices losing 6 cents to close at $3.67 per bushel and March futures losing 5 cents to close at $3.74 per bushel. Grain Sorghum cash prices were 11 cents lower, closing at $5.58 per cwt.

Wheat prices were lower with cash and March futures both losing 11 cents to close at $3.53 per bushel and $4.58 per bushel, respectively.

Milk prices were higher with February Class III gaining 2 cents to close at $16.90 per cwt.

Stock markets closed lower today, U.S stocks pulled back from yesterday’s gains as investors sold off financial and energy shares and bought up government bonds. March Crude oil futures were 25 cents higher, closing at $53.36 per barrel.

This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 11.86 percent of Texas in some stage of drought intensity, up 2.42 percentage points from last week. Additionally, 1.26 percent of the state remains in severe, extreme, or exceptional drought, up 0.04 percentage points from last week. On the national level, drought conditions worsened slightly as well, with 31.74 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 0.73 percentage points from last week.

DailyMarket News Summary Data 02/16/17

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