Agriculture Market Summary May 29, 2013

For the week ending May 25, 2013, feeder cattle prices reported by Texas auctions ranged from $5 lower to $3 higher per hundredweight (cwt) compared to the previous week. A few locations noted prices as much as $6 higher on a portion of their offerings. Texas direct feeder cattle sales were steady to $1 lower and the Oklahoma City National Stockyards were steady to $5 lower. Negative cattle feeding margins and lower feeder cattle futures continued to pressure the market. However, tight supplies and improved pasture conditions in some areas were also supportive. Fed cattle cash prices were $1 lower. Choice wholesale beef prices hit a new record-high of $211.37 per cwt on Thursday, before declining on Friday. Beef exports for the year are down 17 percent from this time last year. Cotton prices were lower due to burdensome world supplies and weak economic news out of China. However, traders remained concerned about planting delays and very dry conditions in major Texas growing areas. Weekly cotton export sales up from the previous week and cumulative shipments for the year are running ahead of last year’s pace. Wheat prices were higher on the dry conditions in U.S. winter wheat areas and lower production forecasts for Australia and Ukraine. In addition, weekly wheat exports were higher than both the previous week and prior four-week average. Corn prices were higher as markets remain concerned about slow planting progress across the Midwest. Reports of a large corn sale to China and weekly exports that were higher than the previous week and the prior four-week average were also supportive. As for futures markets, feeder cattle, fed cattle, wheat and corn were higher, but cotton and lumber were lower. Almost the entire state received rainfall during the week, with totals of an inch or more common south and east of a line from Del Rio to Wichita Falls. Information on agricultural weather and crop condition is available in the weekly USDA-NASS “Texas Crop Progress and Condition” report: http://www.nass.usda.gov/Statistics_by_State/Texas/Publications/Crop_Progress_&_Condition/index.asp

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.

Agricultural Market Summary May 21, 2013

For the week ending May 18, 2013, feeder cattle prices reported by Texas auctions ranged from $6 lower to $5 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were steady to $3 lower. The Oklahoma City National Stockyards were mostly steady to $2 higher, except steers less than 800 pounds were steady to $2 lower. Negative cattle feeding margins and lower feeder cattle futures continued to pressure the market. However, tight supplies and improved pasture conditions in some areas were also supportive. Fed cattle cash prices were $1 lower. Choice wholesale beef prices hit a new record-high of $209.51 per cwt on Friday. Beef exports for the year are nearly 12 percent behind last year’s pace. Cotton prices were lower due to burdensome world supplies and in spite of ongoing concerns about planting delays and very dry conditions in major Texas growing areas. Weekly cotton export sales were down from the previous week, but cumulative sales for the year reached 99 percent of the projected marketing year total. Wheat prices declined on reports of beneficial rains in overseas growing areas and weak exports that were well below the average level needed to meet the projected total for the marketing year, which ends in two weeks. Corn prices were unchanged as markets remain concerned about slow planting progress across the Midwest. As for futures markets, fed cattle, feeder cattle, cotton, wheat, corn and lumber were lower. Most of the state received rainfall during the week, but totals of one-half inch or more were limited to Central and Northeast Texas, a few locations in the Edwards Plateau region and some parts of South Texas. Information on agricultural weather and crop conditions is available in the weekly USDA-NASS “Texas Crop Progress and Condition” report: http://www.nass.usda.gov/Statistics_by_State/Texas/Publications/Crop_Progress_&_Condition/txcw1413.pdf

Please note that next week’s TDA Market Recap will be released on Tuesday afternoon in recognition of the Memorial Day holiday on Monday.

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.

Agricultural Market Summary May 14, 2013

For the week ending May 11, 2013, feeder cattle prices reported by Texas auctions ranged from $10 lower to $5 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were $3 to $7 lower and the Oklahoma City National Stockyards were steady to $4 lower. In many locations, heavier-weight cattle were on the lower end of the price spectrum. Lower fed cattle markets, lower feeder cattle futures and continued negative cattle feeding margins pressured the market. However, tight supplies and improved pasture conditions in some areas were also supportive. Fed cattle cash prices were $2 lower. Choice wholesale beef prices hit a new record-high of $205.49 per cwt on Thursday and were up more than $3 per cwt for the week. Weekly beef exports fell to less than half the prior four-week average and cumulative sales for the year were nearly 10 percent behind last year’s pace. Cotton cash prices were lower, but futures were higher because the slow planting progress, a report that planted acres in South Texas were nearly half of normal and projections for much smaller than expected U.S. production in 2013. Weekly cotton exports were slightly less than the average needed to meet projections for the marketing year. Wheat prices declined following beneficial rains on parts of the U.S. Plains and much lower than expected weekly export inspections. The first USDA winter wheat production forecast for 2013 showed production down 10 percent for the U.S. and 44 percent lower in Texas as drought reduced both harvested acres and yield. Corn prices were lower due after reports showed lower than expected weekly export sales and higher than expected projected ending stocks. As for futures markets, cotton was higher, but fed cattle, feeder cattle, wheat, corn and lumber were lower. Almost all of the state received rainfall during the week with totals of one-half inch or more common in East, Central and South Texas and parts of the Plains. 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 May 7, 2013

For the week ending May 4, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $5 higher per hundredweight (cwt), with a few as much as $8 higher, but some $1 to $3 lower on at least a portion of their offerings. Texas direct feeder cattle sales were firm to $3 higher and the Oklahoma City National Stockyards were steady to $2 higher. Tight supplies, improving pasture conditions in some areas, higher beef markets and periodic increases in feeder cattle futures have supported feeder cattle auctions. However, those gains were also limited by stagnant fed cattle markets and negative cattle feeding margins. Fed cattle cash prices were unchanged at $128 per cwt. Choice wholesale beef prices hit a record-high $201.68 on Friday and were up 4.6 percent for the week. Weekly beef export sales were well above the prior four-week average, with cumulative sales still down six percent from a year ago. Cotton prices were higher on concerns about slow planting progress, dry conditions in major Texas growing areas and weekly exports that were up 32 percent from the previous week and 69 percent higher than the prior four-week average. Wheat prices were higher on reports of additional freeze damage to the winter wheat crop, declining crop conditions and supportive wheat exports that were higher than the previous week. Corn prices were higher after a late-season snow storm brought planting to a standstill in the western Corn Belt. Higher ethanol production, improved ethanol profit margins and weekly exports that were up from the previous week also contributed to the increase. As for futures markets, cotton, wheat and corn were higher, but fed cattle, feeder cattle and lumber were lower. Much of the state received rainfall during the week, though totals of one-half inch or more were limited to parts of South, Central and West Texas and the Upper Coast. 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.