Agricultural Market Summary Nov. 20, 2012

For the week ending Nov. 17, 2012, feeder cattle price trends reported by Texas auctions ranged from $5 higher to $6 lower per hundredweight (cwt) with the largest discounts on lightweight, unweaned calves. Texas direct feeder cattle sales were $1 lower. The Oklahoma City National Stockyards were steady to $3 lower. Feeder cattle prices continue to be pulled in both directions, with tight supplies supporting the market, but high grain prices, negative cattle feeding margins and dry conditions in many areas applying downward pressure. Fed cattle cash prices were near unchanged, while wholesale beef values were higher for Choice-grade offerings, but lower for Select beef. Cotton prices were higher on talk of Chinese purchases in spite of their large stockpiles. Wheat prices were lower as large world supplies and weak export demand for U.S. wheat continued to weigh on the market. Corn and grain sorghum were lower as weak export demand for U.S. corn and more favorable weather in South America more than offset the tight domestic supplies. As for futures markets, feeder cattle, fed cattle, cotton and lumber were higher, but wheat and corn were lower. Little rain fell statewide during the week with amounts less than one-half inch limited to parts of South and West Texas. According to the weekly USDA NASS crop progress report, cotton harvest advanced to 80 percent complete, well ahead of the 65 percent average for this date. Corn harvest has been completed and grain sorghum harvest was 91 percent complete compared to the normal 87 percent. Winter wheat planting advanced to 94 percent complete, slightly ahead of the 91 percent average, and 79 percent of the acreage has emerged. Wheat was reported in mostly fair to good condition, with much of the crop in need of rain. Pastures were rated in mostly fair to 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. MBF = thousand board feet. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.

Agriculture Market Summary Nov. 13, 2012

For the week ending Nov. 10, 2012, feeder cattle price trends reported by Texas auctions ranged from $5 higher to $5 lower per hundredweight (cwt) with a few head as much as $15 lower. Texas direct feeder cattle sales were steady. The Oklahoma City National Stockyards were firm to $3 higher on feeder cattle, but $2 to $5 lower on calves. The feeder cattle situation remains unchanged with shrinking supplies offset by high grain prices and negative cattle feeding margins. Fed cattle cash prices were $1 lower after wholesale beef values declined. Cotton prices were lower as large world supplies and weak demand continue to pressure the market. Wheat prices were higher for the week amid concerns about dry conditions on the U.S. Plains, but declined somewhat on Friday after USDA reported higher projected U.S. and world ending stocks. Corn cash prices were unchanged for the week, but grain sorghum was higher. Weak export demand for U.S. corn was offset by tight domestic supplies and concerns about unfavorable weather in South America. As for futures markets, fed cattle, wheat and lumber were higher, but feeder cattle, cotton and corn were lower. One-half inch or more of rain fell in Northeast Texas, along parts of the upper coast and in the eastern Panhandle, but other areas received little or no rainfall. The weekly USDA NASS crop progress report was not available as federal offices were closed in observance of Veterans Day.

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. MBF = thousand board feet. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.

Agriculture Market Summary Nov. 6, 2012

For the week ending Nov. 3, 2012, feeder cattle price trends reported by Texas auctions ranged from $4 lower to $5 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $1 lower. The Oklahoma City National Stockyards were steady to $3 lower. The feeder cattle situation remains unchanged with shrinking supplies offset by high grain prices and poor cattle feeding margins. Fed cattle cash prices were near unchanged as lower beef prices, concerns about beef demand and higher carcass weights again offset the impact of smaller cattle inventories. Cotton prices were lower as large world supplies and weak demand continue to pressure the market. Wheat prices were higher due to dry conditions on the Plains and estimates of lower production in Russia. Corn and grain sorghum prices were slightly higher on reports of unfavorable weather in South American. As for futures markets, corn and lumber were higher, wheat was unchanged and feeder cattle, fed cattle and cotton were lower. One-half inch or more of rain was recorded in parts of East Texas, along the Gulf Coast and in the western Edwards Plateau, but other areas recorded little or no rainfall. According to the weekly USDA NASS crop progress report, cotton harvest advanced to 56 percent complete, well ahead of the 43 percent average for this date. Corn was 99 percent harvested, compared to the 93 percent average, while grain sorghum harvest was 78 percent complete, lagging behind the normal 81 percent. Winter wheat planting advanced to 87 percent complete compared to the normal 83 percent, and 69 percent of the acreage has emerged. Wheat was reported in mostly fair to good condition.  Pasture condition ratings declined modestly last week as cooler temperatures and frost in northern areas pushed grasses towards dormancy.

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. MBF = thousand board feet. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.