Agriculture Market Summary, April 30, 2013

For the week ending April 27, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $8 lower per hundredweight (cwt) early in the week, but were mostly steady to $8 higher later. Texas direct feeder cattle sales were unevenly steady on steers and $1 to $2 lower on heifers. The Oklahoma City National Stockyards were steady to $3 higher. Higher fed cattle values, lower feed grain prices and improved pasture conditions in some areas boosted the feeder cattle market, but ongoing negative cattle feeding margins limited the increase. Fed cattle cash prices were $2 higher and wholesale beef values were $1 to $2 higher. Weekly beef export sales were higher than the prior four-week average, with cumulative sales for the year down six percent from a year ago. Cotton prices were lower because of weaker economic conditions in China, the world’s top cotton importer, and speculation that freeze-damaged wheat on the Texas Plains may be replanted to cotton. Weekly export sales were up from both the previous week and the prior four-week average, but shipments declined. Wheat prices were higher on concerns about additional freeze damage to the winter wheat crop. Wheat exports were much lower than the previous week and the prior four-week average and well below the weekly average needed to meet USDA marketing year projections. Corn prices declined on forecasts for better planting weather in the Midwest. Corn exports came in higher than the average needed to meet marketing year projections. As for futures markets, feeder cattle, fed cattle and wheat were higher, but cotton, corn and lumber were lower. Much of the state south of I-10 recorded one-half inch or more of rainfall during the week, with the heaviest amounts falling southwest of Houston. More information on agricultural weather and crop conditions is available in the weekly USDA-NASS “Texas Crop Progress and Condition” report 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 April 23, 2013

For the week ending April 20, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $7 lower per hundredweight (cwt). However, a few sales later in the week reported prices steady to $3 higher on at least a portion of their offerings. Prices on lighter-weight calves again showed the biggest declines. Texas direct feeder cattle sales were $2 to $7 lower and the Oklahoma City National Stockyards were $2 to $6 lower. Negative cattle feeding margins, weak beef prices, high grain prices and lower feeder cattle futures pulled feeder cattle prices lower, while tight supplies and improved pasture conditions in some areas still provided some support for the market. Fed cattle cash prices were $1 lower and wholesale beef values were slightly higher for Choice beef, but lower for Select-grade offerings. Beef export sales for the week came in well above the prior 4-week average, but cumulative sales for the year are down 6.4 percent from the same period a year ago. Cotton prices declined on reports that freeze-damaged wheat on the Texas Plains may be replanted to cotton and news that China intends to release higher-quality cotton from its reserves, which may reduce it imports. Weekly export sales were higher than both the previous week and the prior 4-week average. Wheat prices fell sharply early in the week due to concerns about global demand, but recovered most of those losses later after weekly exports came in much higher than expected and on reports of additional freeze damage in Texas, Oklahoma and Kansas. Corn prices also fell early and then recovered later in the week amid concerns about planting delays in the Midwest and reports of improved ethanol margins, which may increase corn usage. As for futures markets, fed cattle were higher, but feeder cattle, cotton, wheat, corn and lumber were lower. Much of the state north and east of a line from Corpus Christi to Del Rio to Quanah recorded rainfall during the week, but amounts in excess of one-half inch were limited to Northeast Texas. Information on crop conditions and crop progress is available in the weekly USDA-NASS “Texas Crop Progress and Condition” report 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 April 16, 2013

For the week ending April 13, 2013, feeder cattle price trends reported by Texas auctions varied from $6 lower to $4 higher per hundredweight (cwt). Several indicated that the biggest declines were on lighter-weight calves. Texas direct feeder cattle sales were $1 to $4 lower and the Oklahoma City National Stockyards were steady to $3 lower on feeders, but steady to $2 higher on stockers. Tight feeder supplies continue to support the market and recent rains have boosted demand for stocker cattle to be put back out on pasture. However, higher grain prices and continued negative cattle feeding margins are also putting downward pressure on prices. Fed cattle cash prices were $1 lower and wholesale beef values were lower. Beef export sales for the week came in well below the prior 4-week average, with cumulative sales for the year down 5.5 percent from the same period a year ago. Cotton prices declined after weekly export sales were on the low end of expectations. However, cumulative sales and shipments for the marketing year remain ahead of last year’s pace and there were reassurances from China that it intends to keep importing cotton. Wheat prices fell at mid-week after USDA’s supply and demand report showed higher than expected ending wheat stocks, but recovered later on reports of freeze damage in Texas, Oklahoma and Kansas. Corn prices were higher after projected ending stocks came in on the low end of expectations. Concerns about planting delays in the Corn Belt added to the increase, though much of the area remains in drought and benefited from recent rains. 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 McAllen to Lubbock recorded rainfall during the week, but amounts of one-half inch or more were mostly limited to the Upper Coast, East and North Central Texas. For more information on crop conditions, please see the weekly USDA-NASS “Texas Crop Progress and Condition” report 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 Apr. 9, 2013

For the week ending April 6, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $6 higher per hundredweight (cwt). However, late in the week, a few locations noted lower prices on a portion of their offerings. Texas direct feeder cattle sales were $3 to $5 higher and the Oklahoma City National Stockyards were $2 to $8 higher. Lower grain prices, higher fed cattle markets and beneficial rains that boosted pasture conditions contributed to the stronger feeder cattle market. Fed cattle cash prices were $1.50 higher. Wholesale beef values were mixed, with Choice-grade offerings higher, but Select cuts lower. Weekly beef export sales were up 5 percent from the prior four-week average, but cumulative sales for 2013 are running slightly behind last year’s pace. Cotton prices were higher on the tight world supplies outside China, projections that world cotton use will exceed production in 2013 and continued dry conditions on the Texas South Plains. Weekly export sales came in higher than the previous week and higher than the average needed to meet USDA projections for the marketing year, but lower than the prior four-week average. Wheat and corn prices were lower because of weak exports and continued reaction to the prior week’s USDA report showing higher-than-expected stocks on hand. Wheat export sales were much lower than expected, but still higher than the average needed to reach marketing year projections. Corn export sales declined from the previous week. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were lower.

Much of the state except for the eastern Panhandle and Tran-Pecos region recorded rainfall during the week, with totals of an inch or more common in East, Central and North Texas. Those rains helped replenish soil moisture supplies in many areas, but much more is needed to pull the state out of widespread drought conditions. The rains caused some delays in field preparations and planting. For more information on crop conditions, please see the weekly USDA-NASS “Texas Crop Progress and Condition” report 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 for April 2, 2013

For the week ending March 30, 2013, feeder cattle price trends reported by Texas auctions were $4 lower to $6 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $7 higher and the Oklahoma City National Stockyards were steady to $3 higher. Feeder prices got a boost early in the week from a favorable USDA Cattle on Feed report, but sagged mid-week due to ongoing deeply negative cattle feeding margins. Then, later in the week, the feeder cattle market pushed higher in response to higher fed cattle prices, higher cattle futures and sharply lower grain prices. Fed cattle cash prices were $1.50 higher, but wholesale beef values were lower. Weekly beef export sales were higher than expected and higher than the prior four-week average. Cotton prices were higher on reports that China will continue buying cotton even as it releases substantial quantities of its cotton reserves. Weekly export sales came in higher than the previous week, but lower than the prior four-week average. Wheat prices were lower because of improved moisture conditions on the U.S. Plains and a USDA report showing higher-than-expected wheat stocks on hand. Corn prices were higher early in the week due to increased ethanol production and possible planting delays in the Midwest. However, prices fell after USDA reported higher-than-expected corn stocks on hand and that U.S. farmers intend to plant the largest corn acreage since 1936. As for futures markets, feeder cattle, fed cattle, cotton and lumber were higher, but wheat and corn were lower. Much of the state north and east of a line from Kingsville to Del Rio to Amarillo recorded rainfall during the week, with totals of an inch or more reported in parts of East and North Texas.

The weekly USDA-NASS “Texas Crop Progress and Condition” report is available on their 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.