Agriculture Market Summary Feb. 26, 2013

For the week ending Feb. 23, 2013, feeder cattle prices reported by Texas auctions were uneven, from $7 lower to $6 higher per hundredweight (cwt), with most on the steady to lower end of that range. Texas direct feeder cattle sales were $3 to $8 lower. The Oklahoma City National Stockyards were mostly steady to $4 higher, except heifer calves were steady to $2 lower. Fed cattle cash prices were unchanged from the prior week. Choice beef prices were higher, but Select-grade offerings were lower. Tight cattle supplies continue to support the market, but stagnant to lower beef prices have deepened negative beef processing margins, which have caused fed cattle prices to drop. That has, in turn, pulled feeder cattle prices lower. Cotton prices were higher on expectations for lower plantings this year. A stronger dollar pulled grain prices lower. For wheat, beneficial moisture in U.S. winter wheat areas added to the decline. For corn, projections for much larger production in 2013 also pressured prices. As for futures markets, cotton was higher, but feeder cattle, fed cattle, wheat, corn and lumber were lower. Most of the area north and east of a line from Victoria to Odessa received precipitation during the week with one-half inch or more in Southeast Texas, parts of the Panhandle and the Low Plains, and in the far western Trans-Pecos. Statewide, soil moisture supplies remained mostly short to adequate. Winter wheat was rated in mostly fair to poor condition. Recent precipitation has helped the crop, but more moisture will be needed soon. Spring field preparations are continuing statewide and some corn and grain sorghum has been planted in the South Texas, Upper Coast and Blacklands regions. However, dry conditions have delayed planting in some areas. Vegetable crops are progressing well with harvest underway for cabbage and other vegetable crops. Pastures were rated in mostly fair to poor condition with many needing additional precipitation.

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 for Feb. 20, 2013

For the week ending Feb. 16, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $8 lower per hundredweight (cwt), though a few locations noted higher prices on a portion of their offerings. The Oklahoma City National Stockyards were $2 to $4 lower on feeder cattle and steady to $2 lower on calves. Fed cattle cash prices were down $2 from a week earlier. Choice beef prices were lower, but Select-grade offerings were higher. In spite of continued tight cattle supplies, stagnant to lower beef prices have deepened negative beef processing margins, which has caused fed cattle prices to drop. That has, in turn, pulled feeder cattle prices lower. Cotton prices were lower in spite of favorable exports and expectations for lower plantings this year. Wheat declined because of favorable weather in South America and rains in some U.S. winter wheat areas. Corn was lower due to a stronger dollar, rains in the eastern Corn Belt and continued weak exports. As for futures markets, fed cattle and lumber were higher, but feeder cattle, cotton, wheat and corn were lower. Rains fell over much of the state north and east of a line from Victoria to Lubbock with totals ranging from trace to more than an inch in some locations. Statewide, soil moisture supplies were rated mostly short to adequate. Winter wheat was rated in mostly fair to poor conditions with much of the crop needing additional moisture. Spring field preparations were underway statewide and some corn and grain sorghum has been planted in South Texas and the Upper Coast. Warm conditions are causing some fruit trees to bud and bloom early. Vegetable crops are progressing well with cabbage and spinach harvest underway in South Texas and the Lower Valley. Pastures were rated in mostly fair to poor condition with additional precipitation needed to restore soil moisture and fill stock tanks.

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 for Feb. 12, 2013

For the week ending Feb. 9, 2013, feeder cattle prices reported by Texas auctions ranged from $5 lower to $9 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were $1 to $3 higher, and the Oklahoma City National Stockyards were mostly steady to $3 lower on feeder cattle, but steady to $3 higher on calves. The feeder cattle situation has not changed much in the past several weeks. Tight supplies continue to support the market, but high feed prices and negative feedlot margins have limited gains. Fed cattle cash prices were unchanged from a week earlier. Wholesale Choice beef prices were lower, but Select-grade offerings were higher. Cotton prices were slightly lower for the week following a decline in exports. Wheat and corn prices were also lower due to a stronger dollar and continued weak exports. As for futures markets, lumber was higher, but fed cattle, feeder cattle, cotton, wheat and corn were lower. Rains fell over much of the state roughly east of a line from Del Rio to Wichita Falls and in parts of the eastern Panhandle. Totals of one-half inch or more were common in South-Central and East Texas. Crop progress and condition information are not available as the weekly USDA NASS crop progress report has been suspended for the season. It is scheduled to resume next week.

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.

Agricultural Market Summary Feb. 5, 2013

For the week ending Feb. 2, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $8 higher, though some were as much as $7 lower and a few were $10 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were firm to $3 higher and the Oklahoma City National Stockyards were mostly steady to $4 higher. Fed cattle cash prices were $3 higher per cwt, but wholesale beef prices were lower. Tight supplies, rain in some areas, a supportive USDA Cattle on Feed report and news that Japan will ease its restrictions on U.S. beef imports helped boost cattle markets. Cotton prices were again higher due to strong export sales and predictions of sharply lower U.S. cotton plantings in 2013. Wheat prices were lower due to weak exports and rain in parts of the U.S. winter wheat area. Corn prices were higher on tight domestic supplies. Export sales were weak, but higher than expected. As for futures markets, feeder cattle, fed cattle, cotton, corn and lumber were higher, but wheat was lower. Rains fell over much of the area north and east of a line from Victoria to Seminole, but totals were generally less than one-half inch. Crop progress and condition information are not available as the weekly USDA NASS crop progress report has been suspended for the season. It is scheduled to resume on February 19.

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.