Agriculture Market Summary Aug. 28, 2012

For the week ending Aug. 25, 2012, feeder cattle price trends at Texas auctions ranged from $8 lower per hundredweight (cwt) to $10 higher. Texas direct feeder cattle sales were also mixed with a limited test on most classes. At the Oklahoma City National Stockyards, feeder cattle were $3 lower to $2 higher. Tight feeder supplies and prospects they will get even tighter this fall continue to support higher prices. However, variable quality, high grain prices and poor pasture conditions in many areas pulled some markets lower. The fed cattle cash trade was unchanged from the previous week, and wholesale beef prices were about $1 lower. Cotton prices were higher amid continued dry weather in U.S. growing areas and concerns that India might limit exports because of weak monsoon rains and lower production. Wheat prices increased early in the week in response to reports of a smaller Russian crop, but weakened later as beneficial rains fell in parts of the U.S. winter wheat growing area. Corn and grain sorghum prices were modestly higher as prospects for a smaller U.S. crop were partially offset by weak export demand. As for futures markets, feeder cattle, cotton and corn were higher, but fed cattle, wheat and lumber were lower. Much of the state recorded rainfall during the week, ranging from less than a quarter inch in many areas to more than one inch in the eastern Panhandle, northern Low Plains and along the coast. According to the weekly USDA NASS crop progress report, the crop condition indexes for cotton and peanuts improved by one point from a week ago, while corn, rice, grain sorghum and soybeans remained unchanged. For cotton, 95 percent of the acreage is setting bolls or beyond, and bolls are opening on 21 percent, both well ahead of normal. Seven percent of the crop has been harvested. Corn was 64 percent mature and 56 percent harvested, both higher than the average for this date. Grain sorghum was 71 percent mature and 57 percent harvested, also ahead of the normal pace. Rice harvest was 59 percent complete compared to 72 percent on average. Pasture conditions improved slightly with 17 percent of the acreage now rated in good to excellent condition compared to 16 percent a week ago; 53 percent was rated poor to very poor; and 30 percent was rated in 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.

Agriculture Market Summary, August 21, 2012

For the week ending Aug. 18, 2012, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight (cwt), although a few locations were steady to $5 lower and a few were as much as $10 higher. Texas direct feeder cattle sales were $1 to $4 higher. At the Oklahoma City National Stockyards, feeder cattle were $1 to $5 higher and calves were steady to $5 higher. Higher fed cattle, lower feed grains and tightening supplies continue to support higher prices, although negative cattle feeding margins and poor pasture conditions in many areas limited the increase. The fed cattle cash trade was $1 higher per cwt and wholesale beef prices were $7 to $8 higher. Cotton prices were lower as large world supplies and rain in some U.S. growing areas more than offset concerns about dry conditions in India. Wheat prices were lower as large world supplies continue to pressure the market, but they made a partial recovery late in the week on forecasts for lower production in Russia and the Ukraine, and export purchases by Taiwan and South Korea. Corn and grain sorghum prices also fluctuated as weather concerns and strong demand from ethanol plants were offset by reports that the U.S. may import cheaper corn from Brazil. As for futures markets, feeder cattle, fed cattle and lumber were higher, but cotton, corn and wheat were lower. Rain was reported statewide during the week with totals ranging from less than a quarter inch in many areas to more than two inches in some locations. According to the weekly USDA NASS crop progress report, the state’s cotton crop is in mostly fair to poor condition with 92 percent of the acreage setting bolls and bolls opening on 18 percent, both ahead of normal. Corn was rated in mostly good to fair condition with 51 percent of the crop harvested, which is ahead of the average for this date. Grain sorghum was 70 percent mature, ahead of the normal 60 percent, and the crop is rated in mostly good to fair condition. Rice harvest was 45 percent complete with the crop in mostly good to excellent condition. Pasture and hay conditions varied across the state depending on rainfall. Pastures improved slightly with 16 percent of the acreage now rated in good to excellent condition; 55 percent rated poor to very poor; and 31 percent rated in 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.

Agriculture Market Summary for Aug 15, 2012

For the week ending Aug. 11, 2012, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight (cwt), although a few locations were steady to $5 lower and a few were as much as $10 higher. Texas direct feeder cattle sales were $1 to $4 higher. At the Oklahoma City National Stockyards, feeder cattle were steady to $4 lower. Higher fed cattle, lower feed grains and tightening supplies contributed to the higher prices, although negative cattle feeding margins limited the increase. The fed cattle cash trade was more than $1 higher per cwt and wholesale beef prices were $6 to $7 higher. Cotton prices were unchanged for the week. Prices increased early amid ongoing concerns about unfavorable weather in West Texas and India, but fell on Friday after USDA reported higher than expected production and carryover supplies. Corn and grain sorghum also ended the week modestly lower after projections for lower demand offset a lower production forecast. Meanwhile, wheat was higher. As for futures markets, feeder cattle, fed cattle and lumber were higher, but corn, grain sorghum and wheat were lower. Scattered showers fell over much of the state during the week with some locations reporting an inch or more of rain, mostly in East Texas, West-Central Texas and the eastern Panhandle. According to the weekly USDA NASS crop progress report, the state’s cotton crop is in mostly fair to poor condition with, 87 percent of the acreage setting bolls and bolls opening on 15 percent, both ahead of normal. Corn was rated in mostly good to fair condition with 61 percent of the crop mature, compared to 57 percent on average. Grain sorghum was 65 percent headed, ahead of the normal 58 percent, and the crop is rated in mostly good to fair condition. Rice harvest advanced to 62 percent complete, well ahead of the 35-percent average for this date. The crop is reported in mostly good to excellent condition. Pasture and hay conditions varied across the state depending on rainfall. Statewide, pasture conditions declined somewhat with 14 percent of the acreage now rated in good to excellent condition; 55 percent rated poor to very poor; and 31 percent rated in 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.






 

Agriculture Market Summary August 7, 2012

For the week ending Aug. 4, 2012, feeder cattle prices at Texas auctions were steady to as much as $12 higher per hundredweight (cwt), although a few locations noted lower prices on part of their offerings. Texas direct feeder cattle sales were mostly $1 to $3 higher. At the Oklahoma City National Stockyards, feeder cattle were $2 to $4 higher and calves were $2 to $3 lower. Tight supplies and lower feed grains for much of the week contributed to the higher prices, although negative cattle feeding margins limited the increase. The fed cattle cash trade was $3.50 higher per cwt following several weeks of light marketings. Wholesale beef prices were higher. Cotton prices were higher amid ongoing concerns about hot, dry weather in West Texas and drier than normal conditions in India. Grain prices were lower for much of the week before turning higher on Friday due to renewed concerns about drought in the Midwest, a weaker dollar and higher stock markets, metals and crude oil. The Texas Forest Service reported that during the May-June period, Texas pine saw log and pulp wood prices were higher than both the previous reporting period and a year ago. Hardwood saw logs were lower. An improved housing market and better overseas demand contributed to the increase in pine saw log prices. As for futures markets, feeder cattle, fed cattle, cotton, corn and lumber were higher, but wheat was lower. Very little rain fell anywhere in the state during the week with only a few light showers along the coast, in far West Texas and in the northern Panhandle. According to the weekly USDA NASS crop progress and condition report, the condition index for cotton was 50 points, down from 59 points a week ago, but well above the 35 points at this time last year. For cotton, 98 percent of the acreage is squaring and 68 percent is setting bolls, both ahead of normal. The corn condition index was 67 points, down four from last week, with 95 percent of the crop tasseled and 35 percent harvested, well ahead of normal. Grain sorghum was 82 percent headed and 54 percent of the crop has been harvested, both ahead of normal. The condition index was 70 points, unchanged from a week ago. The condition index for peanuts was 77, up one point from last week. Rice harvest is 15 percent complete, with a condition index of 80, down six points from a week ago. Pasture and hay conditions varied across the state depending on rainfall. Statewide, pasture conditions declined with only 18 percent of the acreage rated in good to excellent condition; 50 percent was rated poor to very poor; and 32 percent was rated in 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.