Texas Daily Ag Market News Summary 02/23/17

Posted 7 years 277 days ago by

Feeder cattle auction reported higher prices; Futures higher.

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

Cotton prices higher.

Grains and soybeans uneven.

Milk futures higher.

Crude oil higher; Natural gas higher.

Stock markets uneven.

Texas feeder cattle auctions reported prices steady to $10 higher. March Feeder cattle futures were 5 cents higher, closing at $125.15 per hundredweight (cwt). The Texas fed cattle cash trade was inactive today. February Fed cattle futures were $1.77 higher, closing at $123.07 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.66 to close at $196.16 per cwt and Select grade gaining $2.02 to close at $192.83 per cwt. Estimated cattle harvest for the week totaled 445,000 up 9,000 from last week’s total and 16,000 from a year ago. Year-to-date harvest is up 3.8%.

Cotton prices were higher with cash prices gaining 0.50 cents to close at 72.00 cents per pound and March futures gaining 0.88 cents to close at 75.02 cents per pound.

Corn prices were lower with cash and March futures both losing a nickel to close at $3.62 per bushel and $3.66 per bushel, respectively. Grain Sorghum cash prices were 10 cents lower, closing at $5.45 per cwt.

Wheat prices were steady with cash prices remaining at $3.57 per bushel and March futures remaining at $4.58 per bushel.

Milk prices were higher with February Class III gaining 2 cents to close at $16.87 per cwt.

Stock markets finished uneven today, as declines in biotechnology shares dragged the Nasdaq down and the Dow Jones closed at a new record high. April Crude oil futures were 86 cents higher, closing at $54.45 per barrel. Oil prices reversed yesterday’s losses and closed at their highest level in over a year, after it was reported that U.S. stockpiles grew less than expected after last week.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with 8.43 percent of Texas still in some stage of drought intensity, down 3.43 percentage points from last week. Additionally, 2.07 percent of the state remains in severe, extreme, or exceptional drought, down 1.62 percentage points from three months ago. On the national level, drought conditions improved slightly, with 31.53 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.21 percentage points from last week.

DailyMarket News Summary Data 02/23/17

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