Agriculture Market Summary for June 26, 2012

For the week ending June 23, feeder cattle price trends at Texas auctions were mostly steady to $7 lower per hundredweight (cwt), although a few locations also noted prices as much as $5 higher on a portion of their offerings. Lower fed cattle and beef markets, dry pastures and variable quality offset smaller supplies. A Texas direct feeder cattle trend was not available due to light trade volumes as sellers passed up the lower bids in hopes of a recovery. The Oklahoma City auction was $1 to $5 lower. Fed cattle cash prices were down $3 in very light trade as the market followed beef values lower, leaving many sellers unwilling to accept the lower bids. Cotton prices were lower due to a mixed export sales report, a stronger dollar and weaker outside markets, although declines were limited by concerns about hot, dry weather in Texas, rumors of large purchases by China and a delayed harvest in Pakistan. Corn and grain sorghum were higher due to concerns that hot, dry weather in parts of the Corn Belt will damage the crop, although gains were limited by weak exports and poor ethanol margins. Wheat prices were higher on weather concerns in Europe and a lower production forecast for Russia. As for futures markets, feeder cattle, fed cattle, wheat, corn and lumber were higher while cotton was lower. Southeast Texas, coastal areas, west-central Texas and parts of the northern Panhandle recorded a half inch of rain or more while little or no rain fell in other areas of the state. The weekly USDA NASS crop progress and condition report showed that cotton planting is nearing completion, with 22 percent of the acreage squaring and 13 percent setting bolls, both near normal for this date. Cotton condition was rated mostly fair to good. Corn was rated in mostly good to fair condition with 59 percent of the crop silking, slightly ahead of the average pace. Grain sorghum planting progress was slightly behind normal at 91 percent complete, but 68 percent of the crop was headed, well ahead of normal. The crop was reported in mostly good to fair condition. The state’s wheat crop was 84 percent harvested, much above the 63 percent average for this date. The crop was rated in mostly fair to good condition. Pastures remained in mostly good to poor condition and need rain in many areas. 

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/.

Agriculture Market Summary June 19, 2012

For the week ending June 16, feeder cattle price trends at Texas auctions were mixed, ranging from $6 lower to $6 higher per hundredweight (cwt). Lower cattle futures, dry pastures, variable quality and lower prices for fed cattle offset the seasonally smaller supplies and the impacts of a smaller cow herd. The Texas direct feeder cattle trade was steady to $2 higher. The Oklahoma City auction was mostly steady on feeder cattle and steady to $3 lower on calves. Fed cattle cash prices were $3 lower, while beef values were mixed, with Choice beef prices higher and Select-grade offerings lower. Cotton prices were higher following a favorable weekly export sales report and supportive outside markets, including a weaker dollar, higher crude oil and higher stock markets. Corn and grain sorghum were lower due to forecasts for more favorable growing conditions in the Midwest, weak ethanol margins and speculation that corn acreage might be higher than current USDA projections. Wheat prices followed other grains lower as the advancing winter wheat harvest added to supplies, though stronger export sales helped limit losses. As for futures markets, cotton was higher while feeder cattle, fed cattle, wheat, corn and lumber were lower. Most of the state except southwest Texas recorded rainfall during the week, with amounts in excess of two inches in parts of East Texas, the Edwards Plateau, West Texas and the Panhandle. The weekly USDA NASS crop progress and condition report showed corn planting has been completed and 60 percent of the acreage is silking, ahead of the 53 percent average for this date. Condition was rated mostly good to fair. Grain sorghum was 93 percent planted, 60 percent headed and 14 percent mature, all ahead of normal, with the crop in mostly good to fair condition. The state’s wheat crop was 74 percent harvested, much above the 46 percent average for this date. The crop was rated in mostly good to poor condition. Cotton planting was ahead of normal at 97 percent complete, and 15 percent of the crop is squaring. The state’s cotton acreage was rated in mostly fair to good condition. Pastures continued to improve slowly in areas that received rain and remain in mostly good to poor condition statewide. 

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/.

Agriculture Market Summary for June 12, 2012

For the week ending June 9, feeder cattle prices at the Texas auctions covered by USDA Market News were mostly steady to $3 higher per hundredweight (cwt). The Texas direct feeder cattle trade was steady to $3 higher. The Oklahoma City auction was mostly steady. Fed cattle cash prices were nearly $1 higher compared to the previous week, while beef prices were lower with Select-grade offerings posting the most decline. Cotton prices pushed higher at the end of the week as a weaker dollar and supportive export sales offset improved prospects for the U.S. crop and ample world supplies. Corn and grain sorghum were higher amid concerns that hot, dry weather in the Midwest might hurt this year’s crop. Wheat prices followed other grains higher, but gains were limited by increasing harvest-time supplies of hard red winter wheat. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were higher. South Texas and much of the state north of a line from Corpus Christi to Odessa recorded precipitation during the week, with some locally heavy totals in excess of three inches. The weekly USDA NASS crop progress and condition report showed corn planting nearing completion with 95 percent of the acreage emerged, slightly behind the average for this date. Condition was rated mostly good to fair. Grain sorghum was 92 percent planted and 59 percent headed, both well ahead of normal, with the crop in mostly good to fair condition. The state’s wheat crop was 50 percent harvested, much above the 30 percent average for this date. The crop was rated in mostly good to poor condition. Cotton planting was 95 percent complete and 14 percent of the crop is squaring, both ahead of normal. The state’s cotton acreage was rated in mostly fair to good condition. Pastures improved in areas that received rain, though the moisture also boosted weed and brush growth. Pastures were rated mostly good to poor statewide with supplemental feed still needed in some areas.

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, June 5, 2012

For the week ending June 2, feeder cattle prices at the Texas auctions covered by USDA Market News were mostly steady to $2 higher per hundredweight (cwt), with fleshy new-crop calves as much as $7 lower. The Texas direct feeder cattle trade was mostly steady with a few over 800 pounds to $3 higher. The Oklahoma City auction was closed for Memorial Day. Fed cattle cash prices were near unchanged from the previous week, while Choice beef prices were higher and Select-grade slightly lower. Cotton and grain prices were lower, mainly due to pressure from outside market factors, including a stronger dollar, weaker equity markets, lower crude oil prices and concerns about the European and Chinese economies. Cotton prices saw added pressure from large world supplies and ongoing concerns about Chinese demand. Wheat prices were also impacted by large world stocks and increasing harvest-time supplies. As for futures markets, feeder cattle and fed cattle were higher, while cotton, wheat, corn and lumber were lower. Much of the state north and east of a line from Victoria to Lubbock recorded precipitation during the week, though totals were generally less than one-half inch. The weekly USDA NASS crop progress and condition report showed that 96 percent of the state's corn acreage has been planted and 90 percent has emerged, both behind the averages for this date. Condition was rated mostly good to fair. Grain sorghum is 91 percent planted and 58 percent headed, both well ahead of normal, with the crop in mostly good to fair condition. The state’s wheat crop was 38 percent harvested, more than double the average for this date. The crop is rated in mostly fair to very poor condition. Cotton planting is 81 percent complete and 12 percent of the crop is squaring, both ahead of normal. The state's cotton acreage is rated in mostly fair to good condition. Pastures were rated mostly good to poor with many needing rain. The report noted that livestock condition was generally good, but that some supplemental feed was needed.

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.