Agriculture Market Summary, Mar. 26, 2013

For the week ending March 23, 2013, feeder cattle price trends reported by Texas auctions were mostly steady to as much as $8 lower, though a few locations also noted higher prices on at least a portion of their offerings. The Oklahoma City National Stockyards were $1 to $3 lower on feeders and $3 to $6 lower on calves, while Texas direct feeder cattle sales were steady to $4 lower. Tight feeder supplies continue to provide some support for the market, but not enough to overcome the impact of negative cattle feeding and packer margins. Fed cattle cash prices were $2 lower than the prior week and wholesale beef values declined. Beef export sales were well below previous weeks and are down 10 percent for the year. Cotton prices were lower on news that China and India will release substantial quantities of their cotton reserves. Also contributing to the decline were disappointing weekly export sales that were down 30 percent from both the previous week and the prior four-week average. Wheat prices were higher on better-than-expected exports, though the increase was limited by reports of improved moisture conditions in major U.S. growing areas. Corn prices were higher after a weekly ethanol production report came in higher than expected and news that two ethanol refineries in the eastern Corn Belt are making plans to reopen. As for futures markets, wheat and corn were higher, but feeder cattle, fed cattle, cotton and lumber were lower. Much of the state north and east of a line from Galveston to San Antonio to Seminole recorded rainfall during the week, but totals of a half-inch or more were limited to parts of East and Central Texas. The weekly “Texas Crop Progress and Condition” report from the USDA National Agricultural Statistics Service is available on the Texas field office website at:
www.nass.usda.gov/Publications/State_Crop_Progress_and_Condition/current/current_tx.rtf

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. Timber prices are from the Texas A&M Forest Service, bimonthly “Texas Timber Price Trends.” MBF = thousand board feet. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.

Agriculture Market Summary Mar. 19, 2013

For the week ending March 16, 2013, feeder cattle price trends reported by Texas auctions varied from $5 lower per hundredweight (cwt) to $5 higher. Texas direct feeder cattle sales were $1 to $4 lower. The Oklahoma City National Stockyards were mostly $1 to $4 lower. Negative cattle feeding margins and high feed prices continue to pressure prices. Fed cattle cash prices were $1 lower than the prior week. Wholesale beef values declined late in the week, which contributed to the weakness in the cattle market. Cotton prices continued to trend higher and received an added push on Friday after China doubled its import quotas. Wheat prices were higher on better-than-expected exports, though the increase was limited by reports of improved moisture conditions in major U.S. growing areas. As for futures markets, cotton, wheat and lumber were higher, but feeder cattle, fed cattle and corn were lower. Parts of East Texas recorded a half-inch or more of rainfall during the week, while little or no rain was reported elsewhere in the state last week. According to the weekly USDA NASS crop progress and condition report, soil moisture conditions were mostly short to very short statewide. The Coastal Bend and South Texas remained in the worst shape with top soil moisture rated very short in 72 to 97 percent of the area. Winter wheat was rated in mostly fair to poor condition with an overall condition index of 47 points, unchanged from last week, but lower than the 53 points at this time last year. Corn planting advanced to 42 percent complete, well ahead of both last year and the five-year average. Grain sorghum was 26 percent planted, also ahead of the average. Cotton planting began in the Coastal Bend and along the Upper Coast. Pastures in most areas of the state need additional moisture and are rated in mostly fair to very 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. Timber prices are from the Texas A&M Forest Service, bimonthly “Texas Timber Price Trends.” MBF = thousand board feet. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.

Agriculture Market Summary Mar. 12, 2013

For the week ending March 9, 2013, feeder cattle price trends reported by Texas auctions varied from $5 lower per hundredweight (cwt) to $5 higher. Texas direct feeder cattle sales were mostly steady. The Oklahoma City National Stockyards were up sharply from last week’s weather-shortened sale, but mostly steady to $2 lower compared to the last full sale two weeks ago. Tight supplies continue to support the feeder cattle market, but negative feedlot margins are also pressuring prices. Fed cattle cash prices were unchanged from the prior week in spite of higher beef prices. Cotton prices were higher as Chinese purchases and projections for lower plantings this year continued to support the market. Wheat and corn were lower due to weak exports and improved moisture conditions in major U.S. growing areas. As for futures markets, cotton and corn were higher, but feeder cattle, fed cattle, wheat and lumber were lower. Much of the state recorded rainfall last week, with amounts of one-half inch or more in parts of the Panhandle and a rough triangle from Del Rio to Gainesville on the north and San Augustine to the east. According to the weekly USDA NASS crop progress and condition report, soil moisture conditions remain mostly short to adequate statewide. The Coastal Bend and Lower Rio Grande Valley are in the worst shape with top soil moisture rated 87%-92% very short. Winter wheat was rated in mostly fair to poor condition with an overall condition index of 47 points compared to 53 points at this time last year. Corn planting advanced to 29% complete, well ahead of the 18% at this time last year and the 22% average. Grain sorghum was 16% planted, compared to 9% a year ago and 14% on average. Pastures in most areas of the state need additional moisture and are rated in mostly poor 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. Timber prices are from the Texas A&M Forest Service, bimonthly “Texas Timber Price Trends.” MBF = thousand board feet. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.

Agriculture Market Summary Mar. 5, 2013

For the week ending March 2, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $5 lower per hundredweight (cwt), though some locations saw prices as much as $7 higher, especially later in the week. Texas direct feeder cattle sales were steady to $2 lower. The Oklahoma City National Stockyards were sharply lower because of blizzard conditions in the area. Fed cattle cash prices were up $5 per cwt from the prior week after a winter storm on the U.S. Plains limited cattle supplies and pushed beef prices higher. Cotton prices were higher as strong exports and projections for lower plantings this year continued to support the market. Wheat and corn were higher on better-than-expected exports. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were higher. Parts of the Panhandle and Northern Low Plains recorded precipitation last week, much of it in the form of heavy snow. Little or no precipitation fell in the rest of the state. Statewide, soil moisture supplies remained mostly very 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. Corn and grain sorghum are being planted in the South Texas, Upper Coast and Blacklands regions, but some delays were noted in the Lower Valley as farmers waited for rain. Vegetable crops are progressing well with harvest underway for cabbage and other vegetable crops. On the Northern Plains, snow and high winds stressed cattle. Pastures were rated in mostly fair to poor condition with many needing additional moisture.

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.