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.