Agricultural Market Summary March 27, 2012

For the week ending Mar. 24, feeder cattle prices at Texas auctions covered by USDA Market News were mixed, from $5 lower per hundredweight (cwt) to $3 higher, depending on location and the type, age, weight and quality of offerings. Texas feeder cattle sales direct to feedlots were weak to $5 lower in relatively light trade. Oklahoma City was steady to $2 lower on feeder cattle and steady to $3 higher on calves. Fed cattle cash prices were down by less than 50 cents per cwt from the previous week following continued declines in beef values. Cotton cash prices were higher on increased end-user purchases, an encouraging export report and uncertainty about 2012 acreage. Wheat prices declined following beneficial rains on the U.S. plains and word that Russia will not limit exports. Corn and grain sorghum prices were lower following the previous week’s modest export report, lower Chinese prices and increasing prospects for a larger 2012 U.S. corn crop. As for futures markets, cotton was higher, but feeder cattle, fed cattle, wheat, corn and lumber were lower. Most of the state recorded rainfall during the week with the heaviest amounts falling from South-Central Texas through North Texas and along the Louisiana border. Winter wheat improved to mostly good to fair condition as rainfall and warmer temperatures helped boost the crop. Three percent of the acreage was headed. Cotton, corn and grain sorghum land preparations and planting continued. Corn was 42 percent planted, compared to 46 percent on average for this date, and 16 percent was emerged. Grain sorghum was 31 percent planted, compared to 36 percent on average. Cotton planting was 9 percent complete, ahead of the normal 5 percent. Pastures have benefitted from recent rains and warmer temperatures, but many still need additional moisture. Weeds are also a problem in many areas and producers remain cautious about overgrazing recovering pastures. Overall, pastures statewide were rated in mostly good to fair condition.

All cash prices above are market averages for locations covered by the USDA Market News program and do not reflect any particular sale at any specific location. Feeder cattle prices are for 500-600 pound medium and large No.1 steers at the Oklahoma City National Stockyards. Futures prices are quoted for the nearest month contract on the last trading day of the week. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.

Agricultural Market Summary March 20, 2012

Feeder cattle prices at Texas auctions covered by USDA Market News were steady to $2 higher per hundredweight (cwt), with heifers over 700 pounds steady to $2 lower at one location. Texas feeder cattle sales direct to feedlots were mostly steady to $2 lower on cattle weighing more than 800 pounds and firm on lighter weights. Oklahoma City was mostly lower early in the session before turning higher later in the day.  Fed cattle cash prices were down by about 50 cents per cwt from the previous week following continued declines in beef values.

Cotton cash prices declined after India rescinded its ban on cotton exports, though considerable uncertainty remained about when actual shipments would resume. Corn and grain sorghum prices were higher due to speculation about corn sales to China and continued tight domestic supplies. There were also concerns that higher soybean prices relative to corn would pull additional acreage from corn into soybeans and thus further restrict supplies. Wheat prices were higher amid worries that warm temperatures on the U.S. southern plains are causing winter wheat to break dormancy early, leaving the crop vulnerable to moisture stress and a late freeze. As for futures markets, wheat and corn were higher, but feeder cattle, fed cattle, cotton and lumber were lower.

Parts of the Trans-Pecos region and an area east of a line from Brazoria to La Grange to Paris recorded a half-inch or more of rain while little or no rainfall was recorded elsewhere in the state. Winter wheat remained in mostly good to poor condition as rainfall and warmer temperatures helped boost the crop in may areas, though wheat on the High Plains needs additional moisture. Corn and grain sorghum planting continued with wet weather causing some interruptions in the Blacklands region. Corn was 33 percent planted, compared to 37 percent on average for this date. Grain sorghum was 22 percent planted, compared to 29 percent on average. Cotton planting is underway in the Lower Valley. Pastures have benefitted from recent rains and warmer temperatures, but many still need additional moisture. Overall, pastures statewide remain in good to very poor condition.

All cash prices above are market averages for locations covered by the USDA Market News program and do not reflect any particular sale at any specific location. Feeder cattle prices are for 500-600 pound medium and large No.1 steers at the Oklahoma City National Stockyards. Futures prices are quoted for the nearest month contract on the last trading day of the week. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.

Agricultural Market Summary March 13, 2012

For the week ending March 10, feeder cattle prices at Texas auctions covered by USDA Market News were steady to $2 lower per hundredweight (cwt) at Panhandle locations, and firm to $2 higher at San Angelo. Tulia noted a larger volume of heavier cattle coming off wheat pastures. Texas feeder sales direct to feedlots were steady to weak, while Oklahoma City was steady to $3 higher on feeder cattle, and $1 to $8 higher on calves. Fed cattle cash prices were down by more than $3 per cwt from the previous week’s record high following a drop in Choice beef values. Cotton cash prices jumped sharply higher early in the week after India announced a ban on cotton exports, including shipments of cotton already sold. Prices declined somewhat, but still closed higher for the week, after India said it would allow sales of yarn and shipments of cotton already sold.  Corn and grain sorghum prices were lower mostly because of a stronger dollar, concerns about the broader economy and higher production in Brazil. Wheat prices declined due to improved weather in U.S. growing areas, ample world supplies and higher production in Australia. As for futures markets, cotton and lumber were higher while feeder cattle, fed cattle, wheat and corn were lower. Most of the state recorded precipitation during the week except for the Trans-Pecos, parts of South Texas and the southwestern Panhandle. The heaviest amounts of rain fell in an area between Ft. Worth and Wichita Falls. Winter wheat remained in mostly good to poor condition with much of the High Plains crop stressed by a lack of moisture. Corn and grain sorghum planting continued, though wet fields caused delays in East Texas and the Blacklands. Some corn has emerged in South Texas. Field preparations continued statewide. Winter vegetable harvest progressed in South Texas. Pastures have benefitted from recent rains and warmer temperatures, but still need additional moisture, especially in West Texas. Overall, pastures statewide remain in good to very poor condition.

All cash prices above are market averages for locations covered by the USDA Market News program and do not reflect any particular sale at any specific location. Feeder cattle prices are for 500-600 pound medium and large No.1 steers at the Oklahoma City National Stockyards. Futures prices are quoted for the nearest month contract on the last trading day of the week. For additional information, contact TDA at (800) 835-5832 or visit our website, http://www.texasagriculture.gov/.

Agricultural Market Summary for Mar. 6, 2012

Feeder cattle prices at Texas auctions covered by USDA Market News were mostly steady to $2 higher per hundredweight (cwt), with a few to $2 lower and some to $5 higher. Texas feeder sales direct to feedlots were steady to $3 lower, while Oklahoma City was steady to $2 lower on feeder cattle, and steady on calves. Fed cattle cash prices were up nearly $1 per cwt, setting a new record high. Wholesale boxed beef composite values were modestly higher for the week. Cotton cash prices were unchanged. Increased end-user buying and stronger export shipments provided support, but plans by India to increase its exports this year, a stronger dollar and lingering questions about demand also pressured the market. Corn and grain sorghum prices were higher due to the tight current supplies and reports of new export sales. Wheat prices followed other grains higher and received an added boost after USDA announced export sales to Iran. Soybeans also provided support across the grain complex amid prospects for a smaller South American crop and strong exports. As for futures markets, feeder cattle, fed cattle, wheat, corn and lumber were higher, while cotton was lower. Little rain fell anywhere in the state during the week with amounts of half an inch or less reported in parts of the Panhandle, Central Texas and East Texas. Winter wheat remained in mostly good to poor condition and is struggling on the High Plains and in the Trans-Pecos due to a lack of moisture. Cattle is being moved off wheat pastures that producers intend to harvest for grain. Corn and grain sorghum planting are underway in many areas, but were delayed by wet conditions in parts of south-central Texas and in coastal regions. Field preparations continued statewide. Winter vegetable harvest progressed in South Texas. Some pecan growers were concerned that trees may be breaking dormancy too early. Pastures have benefitted from recent rains and warmer temperatures, but still need additional moisture, especially in West Texas. Pastures statewide remain in mostly fair to very poor condition.

All cash prices above are market averages for locations covered by the USDA Market News program and do not reflect any particular sale at any specific location. Feeder cattle prices are for 500-600 pound medium and large No.1 steers at the Oklahoma City National Stockyards. Futures prices are quoted for the nearest month contract on the last trading day of the week. For additional information, contact TDA at (800) 835-5832 or visit our website, http://www.texasagriculture.gov/.