Texas Daily Ag Market News Summary 02/28/17

Posted 7 years 272 days ago by

Feeder cattle auction reported steady prices; Futures higher.

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

Cotton futures higher.

Grains and soybeans higher.

Milk futures steady.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported steady prices. March Feeder cattle futures were $1.22 higher, closing at $125.07 per hundredweight (cwt). The Texas fed cattle cash trade was active today, closing at $123.00 per cwt. February Fed cattle futures were $1.23 higher, closing at $126.60 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $3.25 to close at $204.73 per cwt and Select grade gaining $4.27 to close at $201.35 per cwt. Estimated cattle harvest for the week totaled 231,000 up 14,000 from last week’s total and 16,000 from a year ago. Year-to-date harvest is up 7.5%. For the time period of February 20-26 the USDA NASS Field Office reported that livestock were mostly in good condition. Some producers were still providing supplemental feed to cattle to reduce grazing pressure. Pasture conditions were mostly good to fair across the state. A few wildfires were spotted in the Northern High Plains.

Cotton prices were uneven with cash prices remaining at 73.00 cents per pound and March futures gaining 0.36 cents to close at 75.33 cents per pound. The USDA NASS Field Office reported that preparation for cotton planting continued, although recent rainfall in North East Texas delayed field work. The Lower Valley began planting cotton.

Corn prices were higher with cash prices gaining a nickel to close at $3.63 per bushel and March futures gaining 7 cents to close at $3.67 per bushel. Grain Sorghum cash prices were 12 cents higher, closing at $5.48 per cwt. The USDA NASS Field Office reported that producers in the southern areas of the state continued planting corn. Sorghum was being planted in the Lower Valley and in South Texas, while field work preparation were underway in the Blacklands and North East Texas.

Wheat prices were higher with cash prices gaining 7 cents to close at $3.55 per bushel and March futures gaining 13 cents to close at $4.57 per bushel. The USDA NASS Field Office reported that winter wheat was rated mostly fair to good. The warm weather and precipitation during the previous two weeks have improved the wheat development, as it continues to progress in most parts of the state. Some producers were irrigating in areas of South Texas, where the rainfall has been scarce.

Milk prices were steady with February Class III remaining at $16.87 per cwt.

Stock markets were lower today, retreating from recent gains as investors await speeches from key officials. April Crude oil futures closed 4 cents lower, ending at $54.01 per barrel. Crude oil prices struggled as increasing U.S inventories continue to weigh on the market.

Daily Market News Summary Data 02/28/17

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