Agricultural Market Summary Apr 24,2012

For the week ending April 21, feeder cattle price trends at Texas auctions covered by USDA Market News were mostly steady to $3 higher per hundredweight (cwt), though one location was as much as $5 lower on a few head. Receipts at many auctions were half to two-thirds of those during the same week a year ago. Weather limited volumes at some sales, but the lower head counts also were likely a reflection of smaller supplies of available cattle. The Texas direct feeder cattle trade was mostly $2 to $4 higher with a few to $6 higher. Oklahoma City was $2 to $5 higher on feeder cattle and steady on calves. Fed cattle cash prices were 47 cents lower per cwt compared to the previous week. Beef prices were $7-$10 higher, which should help ease packer losses somewhat. Cotton cash prices were modestly lower as large world stocks, renewed exports by India and an unremarkable U.S. export report weighed on markets. However, traders were increasingly concerned about the dry conditions on the Texas Plains. Grain prices were also lower for the week. Wheat declined as improved growing conditions in the U.S. and forecasts for a large Australian crop are expected to add to already-ample world supplies. Corn and grain sorghum were lower as early plantings and favorable weather are expected to boost the U.S. crop. In addition, rumored export sales to China failed to materialize. As for futures markets, fed cattle and lumber were higher, but feeder cattle, cotton wheat and corn were lower. Areas along the Gulf Coast and in East Texas recorded an inch or more of rain during the week while most other locations reported a half-inch or less. Winter wheat was rated in mostly fair to good condition, but stressed in some areas by a lack of moisture. The crop is 67 percent headed, well ahead of the 38 percent on average by this date. Some small grains were being baled for hay. Corn was 65 percent planted, slightly ahead of normal, and 53 percent was emerged with conditions rated mostly good to excellent. Grain sorghum planting was 60 percent complete compared to 58 percent on average. Cotton planting was 23 percent complete, ahead of the normal 16 percent. Rice was 79 percent planted. Pastures in much of the state need rain and were rated in mostly fair to good 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 April 17, 2012

For the week ending April 14, feeder cattle price trends at Texas auctions covered by USDA Market News were mostly steady to $3 higher per hundredweight (cwt), with a few to $5 higher. Several locations noted light receipts last week because of the Easter holiday. The Texas direct feeder cattle trade was $2 to $3 lower with limited comparable sales for immediate delivery as many sellers reportedly passed on the lower bids. Oklahoma City was steady to $2 lower with light receipts. Fed cattle cash prices were near unchanged from the previous week as beef prices fluctuated, but ended the week unchanged on Choice and higher on Select-grade beef. Cotton cash prices were higher on projections for tighter domestic supplies, strong export shipments and sales that have already equaled USDA projections for the marketing year. Grain prices declined from the previous week under pressure from higher than expected corn stocks, good planting conditions, rapid progress of spring crops and favorable weather in U.S. and European wheat-growing areas. As for futures markets, feeder cattle, fed cattle and cotton were higher, but wheat, corn and lumber were lower. Most of the state recorded rainfall during the week with the heaviest amounts along the coast, in East Texas, on the High Plains and in parts of the Trans-Pecos region. Crop condition and progress information were not available from USDA for this week’s report after a small fire and resulting power outage forced closure of USDA headquarters offices in Washington, DC. The closure took down file servers and disrupted communication, thus delaying the publication of the reports.

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 April 10, 2012

For the week ending April 7, feeder cattle price trends at Texas auctions covered by USDA Market News were mostly steady to $4 lower per hundredweight (cwt), though one location reported 600-700 pound steers $2-$3 higher. The Texas direct feeder cattle trade was steady to weak with few comparable sales for immediate delivery. Oklahoma City was $4 to $8 lower on feeder cattle and steady to $15 lower on calves. Fed cattle cash prices were $3 lower per cwt from the previous week following continued declines in beef values. Cotton cash prices were lower as ample global supplies and weak demand continue to pressure the market. Net export sales were negative following large cancellations by China and Brazil, but shipments remained strong at more than 422,000 bales. Wheat prices were lower due to large world supplies and improved weather on the U.S. Plains. Corn and grain sorghum prices were higher following a strong export sales report. As for futures markets, corn and lumber were higher, but feeder cattle, fed cattle, cotton and wheat were lower. Much of the state recorded precipitation during the week with totals of 2 inches or more falling in parts of East Texas, North Texas, along the coast and south of Big Spring. Winter wheat was reported in mostly good to fair condition, though in parts of the High Plains dry land wheat remains stressed by a lack of moisture. The crop is 35 percent headed, compared to 15 percent on average by this date. Cotton, corn, grain sorghum and rice land preparations and planting continued. Corn was 52 percent planted and 40 percent emerged, both slightly behind normal. Grain sorghum planting was 46 percent complete compared to 50 percent on average. Cotton planting was 15 percent complete, ahead of the normal 10 percent. Rice was 35 percent planted. Pastures on the High Plains need additional moisture, but were rated in mostly good to fair condition elsewhere. 

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 Apr. 3, 2012

Feeder cattle price trends at Texas auctions covered by USDA Market News were mostly steady to $3 lower per hundredweight (cwt), though some early-week sales were steady to $3 higher. Texas feeder cattle sales direct to feedlots were steady to $3 lower with limited numbers for immediate delivery. Oklahoma City was steady to $3 higher on feeder cattle and $4 to $10 higher on calves. Fed cattle cash prices were $1 lower per cwt from the previous week following continued declines in beef values. Cotton cash prices were higher due to ongoing concerns about India’s exports, lower forecast plantings in China and an encouraging export report. Wheat prices were higher on the dry weather in Europe, lower than expected stocks on hand and prospects for lower spring wheat acreage. Corn and grain sorghum prices declined following the lowest weekly export sales since June 2010 and expectations for higher planted acres. Markets recovered somewhat later in the week after USDA reported lower than expected corn stocks. As for futures markets, cotton, wheat and lumber were higher, but feeder cattle, fed cattle and corn were lower. Most of the state south of a line from Alpine to Texarkana recorded rainfall during the week with the heaviest amounts falling in South Texas, along the coast and in East-Central Texas. Winter wheat remained in mostly good to fair condition, though some acreage on the High Plains needs additional moisture. The crop is maturing early in some areas. Cotton, corn, grain sorghum and rice land preparations and planting continued. Corn was 48 percent planted, compared to 50 percent on average for this date, and 30 percent was emerged. Grain sorghum was 40 percent planted, compared to 43 percent on average. Cotton planting was 12 percent complete, ahead of the normal 7 percent. Pastures have benefitted from recent rains and warmer temperatures, but many still need additional moisture, especially in the Panhandle and West Texas. 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, http://www.texasagriculture.gov/.