Texas Daily Ag Market News Summary 02/22/17

Posted 7 years 278 days ago by

Feeder cattle auction reported higher prices; Futures higher.

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

Cotton futures higher.

Grains and soybeans uneven.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $5 higher. March Feeder cattle futures were 55 cents higher, closing at $125.10 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $124.50 per cwt. February Fed cattle futures were $2.20 higher, closing at $121.30 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.72 to close at $194.53 per cwt and Select grade gaining $1.00 to close at $190.81 per cwt. Estimated cattle harvest for the week totaled 331,000 down 6,000 from last week’s total and up 11,000 from a year ago. Year-to-date harvest is up 3.5%. For the time period of February 13-19 the USDA NASS Field Office reported that the need to provide supplemental feed has decreased, but livestock producers in the Northern Low Plains were continuing the practice. Livestock were mostly in good condition. Pastures conditions are mostly fair to good across the state, but the lack of rain in South Texas and the Lower Valley resulted in a deterioration of conditions.

Cotton prices were uneven with cash prices remaining at 71.50 cents per pound and March futures gaining 0.62 cents to close at 74.14 cents per pound. The USDA NASS Field Office reported that field work in preparation for cotton planting continued in areas of the Blacklands.

Corn prices were higher with cash prices gaining 3 cents to close at $3.67 per bushel and March futures gaining 2 cents to close at $3.71 per bushel. The USDA NASS Field Office reported that corn was being planted across most of the state, but was slowed in areas of the Upper Coast and the Coastal Bend due to recent rains. Grain Sorghum cash prices were 4 cents higher, closing at $5.55 per cwt.

Wheat prices were higher with cash prices gaining 10 cents to close at $3.57 per bushel and March futures gaining 6 cents to close at $4.58 per bushel. The USDA NASS Field Office reported that winter wheat was rated mostly fair to good due to the recent rains and warm weather.

Milk prices were lower with February Class III losing 2 cents to close at $16.85 per cwt.

Stock markets closed lower today, as falling oil prices pushed energy shares down, in turn dragging down the major U.S. indexes. April Crude oil futures were 74 cents lower, closing at $53.59 per barrel. Oil prices backed off from recent gains over concerns continue to mount over U.S. shale production and U.S. stock piles.

DailyMarket News Summary Data 02/22/17

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