2017

Posted 7 years 43 days ago by

Feeder cattle auction reported higher prices; Futures lower.

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

Cotton prices higher.

Grains and soybeans mixed.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.

Texas feeder cattle auctions reported prices steady to $3 higher. March Feeder cattle futures were 75 cents lower, closing at $127.85 per hundredweight (cwt). The Texas fed cattle cash was inactive today. April Fed cattle futures were $1.43 lower, closing at $116.32 per cwt. Wholesale boxed beef values were uneven, with Choice grade losing 41 cents to close at $220.14 per cwt and Select grade gaining $1.56 to close at $213.89 per cwt. Estimated cattle harvest for the week totaled 224,000 down 1,000 from last week’s total and up 4,000 from a year ago. Year-to-date harvest is up 1.8%. For the time period of March 6-12 the USDA NASS Field Office reported that the cattle condition was rated mostly good to fair. Some producers in North and South East Texas reported cattle slowing down on hay consumption. Major wildfires were reported in areas of the Northern High and Low Plains. Pasture conditions were rated mostly fair to good across the rest of the state.

Cotton prices were higher with cash prices gaining 0.25 cents to close at 75.75 cents per pound and May futures gaining 0.28 cents to close at 77.15 cents per pound. The USDA NASS Field Office reported that cotton was being planted in the Coastal Bend, South Texas and the Lower Valley.

Corn prices were mixed with cash prices gaining a penny to close at $3.55 per bushel and March futures losing a penny to close at $3.54 per bushel. Grain Sorghum cash prices closed a penny higher, finishing at $5.34 per cwt. The USDA NASS Field Office reported that corn was being planted in Blacklands. Rains delayed the planting of corn in the Eastern parts of the state. Some of the corn and sorghum planted in South Central Texas and the Coastal Bend had emerged. Sorghum planting was underway in the Lower Valley.

Wheat prices were steady with cash and March futures both remaining at $3.53 per bushel and $4.33 per bushel, respectively. The USDA NASS Field Office reported that the winter wheat condition was rated 75 percent fair to good. Some producers in the Northern and Southern High Plains reported that their wheat fields where jointing. Wheat in South Texas were entering the heading stage.

Milk prices were higher with April Class III gaining 4 cents to close at $15.72 per cwt.

Stock markets closed lower today, dragged down by the increase in U.S. crude oil inventories causing a major selloff in the oil markets in turn bringing down energy shares. April Crude oil futures were 68 cents lower, closing at $47.72 per barrel. Crude oil prices closed at a three-month low as the increase in U.S. production is beginning to weigh on Saudi Arabia, potentially weakening their commitment to cut production, like they have previously agreed to do.

DailyMarket News Summary Data 03/14/17

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