Texas Daily Ag Market News Summary 03/07/17

Posted 7 years 265 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 prices uneven.

Grains and soybeans lower.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $2 higher. March Feeder cattle futures were 12 cents lower, closing at $123.95 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were 20 cents lower, closing at $115.35 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $2.40 to close at $212.00 per cwt and Select grade gaining $1.09 to close at $205.05 per cwt. Estimated cattle harvest for the week totaled 239,000 down 3,000 from last week’s total and up 14,000 from a year ago. Year-to-date harvest is up 6.6%. For the time period of February 27- March 5 the USDA NASS Field Office reported that most producers reported their cattle in good to fair condition. Some producers provided supplemental protein to cattle. Pasture conditions were rated mostly good to fair across the state.

Cotton prices were uneven with cash prices gaining 0.25 cents to close at 75.50 cents per pound and March futures losing 1.11 cents to close at 77.28 cents per pound. The USDA NASS Field Office reported that cotton producers in the Northern High Plains were planning on waiting until May to start planting. Cotton planting continued in the Lower Valley.

Corn prices were lower with cash and March futures prices both losing 3 cents to close at $3.69 per bushel and $3.70 per bushel, respectively. Grain Sorghum cash prices were 6 cents lower, closing at $5.59 per cwt. The USDA NASS Field Office reported that corn was being planted across areas of the southern part of the state. Corn and sorghum were beginning to germinate in the Lower Valley. Producers in the Blacklands were beginning to plant sorghum while corn planting continued.

Wheat prices were lower with cash and March futures both losing a penny to close at $3.83 per bushel and $4.63 per bushel, respectively. The USDA NASS Field Office reported that winter wheat was rated mostly fair to good. Wheat continued to progress across most of the state, but was in need of moisture in some areas of the state. Some wheat producers in dry areas of South Texas used irrigation during the past week.

Milk prices were higher with April Class III gaining 6 cents to close at $15.95 per cwt.

Stock markets closed slightly lower today, as investors are waiting for more clues regarding the future of U.S monetary policy. April Crude oil futures were 6 cents lower, closing at $53.14 per barrel. Crude oil prices closed lower today after it was realized that U.S shale producers will not cut production despite OPEC’s agreement.

Daily Market News Summary Data 03/07/17

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