Texas Daily Ag Market News Summary 03/16/2017

Posted 1 years 97 days ago ago by Texas Department of Agriculture

Feeder cattle auction reported higher prices; Futures higher.

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

Cotton futures higher.

Grains and soybeans higher.

Milk futures higher.

Crude oil lower; Natural gas lower.

Stock markets lower.



Texas feeder cattle auctions reported prices steady to $4 higher. March Feeder cattle futures were $1.33 higher, closing at $130.55 per hundredweight (cwt). The Texas fed cattle cash was higher today, gaining 29 cents and closing at $127.63 per cwt. April Fed cattle futures were $1.50 higher, closing at $119.20 per cwt. Wholesale boxed beef values were higher, with Choice grade gaining $1.04 to close at $222.36 per cwt and Select grade gaining 73 cents to close at $213.87 per cwt. Estimated cattle harvest for the week totaled 457,000 up 3,000 from last week’s total and 13,000 from a year ago. Year-to-date harvest is up 3.0%.


Cotton prices were mixed with cash prices remaining at 76.25 cents per pound and May futures gaining 0.09 cents to close at 78.17 cents per pound.


Corn prices were higher with cash prices gaining 3 cents to close at $3.59 per bushel and May futures gaining 3 cents to close at $3.67 per bushel. Grain Sorghum cash prices closed 4 cents higher, finishing at $5.41 per cwt.


Wheat prices were higher with cash and May futures both gaining 3 cents to close at $3.60 per bushel and $4.50 per bushel, respectively.


Milk prices were higher with April Class III gaining 2 cents to close at $15.68 per cwt.


Stock markets closed lower today, as declines in health-care and energy shares dragged down major U.S. indexes. April Crude oil futures were 11 cents lower, closing at $48.75 per barrel. Crude oil prices continued recent declines as Saudi Arabia has stated publicly and privately that they will not continue production cutting efforts if the other major producers in OPEC don’t to fully commit to the agreement.


This week’s U.S. Drought Monitor for Texas showed declining drought conditions for the state, with 34.88 percent of Texas still in some stage of drought intensity, up 5.8 percentage points from last week. On the national level, drought conditions improved slightly, with 31.86 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.92 percentage points from last week.


DailyMarket News Summary Data 03/16/17


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