Texas Daily Ag Market News Summary 03/02/17

Posted 7 years 270 days ago by

Feeder cattle auction reported uneven prices; Futures lower.

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

Cotton prices uneven.

Grains and soybeans lower.

Milk futures lower.

Crude oil lower; Natural gas higher.

Stock markets lower.

Texas feeder cattle auctions reported uneven prices with instances of steady to $5 higher and up to $2 lower. March Feeder cattle futures were $1.05 lower, closing at $123.45 per hundredweight (cwt). The Texas fed cattle cash trade finished 92 cents lower, closing at $123.64 per cwt. April Fed cattle futures were $1.42 lower, closing at $116.15 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.67 to close at $208.35 per cwt and Select grade gaining 85 cents to close at $203.72 per cwt. Estimated cattle harvest for the week totaled 461,000 up 16,000 from last week’s total and 32,000 from a year ago. Year-to-date harvest is up 7.5%.

Cotton prices were uneven with cash prices gaining 0.75 cents to close at 74.25 cents per pound and March futures losing 1.16 cents to close at 75.69 cents per pound.

Corn prices were lower with cash prices losing 4 cents to close at $3.69 per bushel and March futures losing 3 cents to close at $3.73 per bushel. Grain Sorghum cash prices were 4 cents lower as well, closing at $5.61 per cwt.

Wheat prices were lower with cash prices losing 4 cents to close at $3.60 per bushel and March futures losing 6 cents to close at $4.60 per bushel.

Milk prices were lower with April Class III losing a penny to close at $16.01 per cwt.

Stock markets were lower today, retreating a little after the biggest daily in increase in U.S indexes this year. April Crude oil futures were $1.22 lower, closing at $52.61 per barrel. Crude oil prices continued to drop behind the most recent report of increased U.S. inventories combined with an increase in the strength of the dollar.

This week’s U.S. Drought Monitor for Texas showed drastic worsening drought conditions for the state, with 24.50 percent of Texas still in some stage of drought intensity, up 16.07 percentage points from last week. Additionally, 1.01 percent of the state remains in severe, extreme, or exceptional drought, up 0.19 percentage points from three months ago. On the national level, drought conditions worsened slightly, with 33.72 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 2.19 percentage points from last week.

DailyMarket News Summary Data 03/02/17

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