Agricultural Market Summary, June 25, 2013

For the week ending June 22, 2013, feeder cattle prices reported by Texas auctions were $4 lower to $5 higher per hundredweight (cwt) compared to the previous week, with markets becoming a little stronger as the week progressed. Texas direct feeder cattle sales were steady to $3 higher, and prices at the Oklahoma City National Stockyards were up $1 to $3. Shrinking feeder cattle supplies, higher feeder cattle futures, improved pasture conditions in some areas and high beef prices helped push the market higher, while ongoing negative cattle feeding margins limited the increase. Fed cattle cash prices were unchanged from a week ago with very light trading taking place. Wholesale beef prices were near unchanged for choice-grade cuts, but higher for select-grade offerings. Cotton prices were lower after beneficial rains fell on parts of the Texas Plains, and China said that in the next marketing year, it will revamp its domestic support programs to end direct purchases of excess cotton supplies. Wheat prices were higher due to strong exports, buying interest from China and reports of higher demand for wheat for livestock rations; however, increasing harvest-time supplies limited the gains. Weekly wheat exports were up from the previous week and higher than the average needed to meet projections for the marketing year. Corn and grain sorghum prices were higher amid concerns that hot, dry weather forecasted for the Corn Belt could hurt the late-planted crop. Corn export sales also were supportive, with weekly commitments well above the previous week and higher than the average needed to meet marketing year projections. As for futures markets, feeder cattle, fed cattle, wheat, corn and lumber were higher, while cotton was lower. Rain fell over much of the state during the week, with totals of one-half inch or more common in Southeast Texas, the Trans-Pecos region, parts of Central Texas and most of the state north of Interstate 20. Information on agricultural weather and crop condition 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.

Agricultural Market Summary, June 18, 2013

For the week ending June 15, 2013, feeder cattle prices reported by Texas auctions were $4 lower to $5 higher per hundredweight (cwt) compared to the previous week with a few locations as much as $7 higher. Texas direct feeder cattle sales were firm to $4 higher, and prices at the Oklahoma City National Stockyards were up $1 to $3. As in past weeks, negative cattle feeding margins, lower feeder cattle futures and lower beef prices pressured the market, while tight supplies and improved pasture conditions in some areas remained supportive. Fed cattle cash prices were down $2 from a week ago. Wholesale beef prices were lower for the week, with choice-grade cuts falling below $200 per cwt for the first time since late April. Cotton prices were higher amid ongoing concerns about dry conditions on the Texas Plains and a favorable USDA supply and demand report. Wheat prices were lower due to increasing harvest-time supplies and a higher than expected 2013 U.S. production forecast. Weekly wheat exports were higher than the average needed to meet projection for the marketing year. Corn and grain sorghum prices were lower after projected ending supplies came in higher than expected, though the declines were limited by concerns over planting delays in the Corn Belt and expectations that final planted acres will come in well below intentions. Corn export sales also were supportive, with weekly commitments well above the level needed to meet marketing year projections. As for futures markets, cotton was higher; however, feeder cattle, fed cattle, corn, wheat and lumber were lower. Rain fell statewide during the week, with amounts ranging from only a few hundredths of an inch in many locations to more than five inches in parts of South Texas from Del Rio to Laredo. Information on agricultural weather and crop condition 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, June 11, 2013

For the week ending June 8, 2013, feeder cattle prices reported by Texas auctions ranged from $2 lower to $5 higher per hundredweight (cwt) compared to the previous week, with a few locations as much as $8 higher. Texas direct feeder cattle sales were steady at $4 higher, and prices at the Oklahoma City National Stockyards were up $3 to $6 from the previous sale. Negative cattle feeding margins, lower feeder cattle futures and lower beef prices pressured the market, while tight supplies and improved pasture conditions in some areas remained supportive. Fed cattle cash prices were down $2 from a week ago. Wholesale beef prices were lower for the week, but remain at historically high levels above $200 per cwt. Cotton prices were higher amid continuing concerns about dry conditions in major producing areas around Lubbock and strong export sales that were up 57 percent from the previous week and 80 percent higher than the prior four-week average. Wheat prices were lower because of weak export demand and reports of more favorable growing weather in Europe, but declines were limited by continued dry weather on the U.S. Plains. Cumulative weekly wheat exports for the marketing year that ended May 31 were lower than USDA projections, resulting in higher beginning stocks for the new marketing year. Corn and grain sorghum prices were higher due to ongoing planting delays in the Corn Belt and expectations that planted acres will come in well below the intended acreage. Corn export sales were up 25 percent from the previous week, but down 19 percent from the prior four-week average. As for futures markets, cotton, corn and lumber were higher, but feeder cattle, fed cattle and wheat were lower. Rain fell statewide during the week, with totals of two inches or more reported in scattered locations across the state. Information on agricultural weather and crop condition 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.

Agricultural Market Summary, June 4, 2013

For the week ending June 1, 2013, feeder cattle prices reported by Texas auctions ranged from $4 lower to $6 higher per hundredweight (cwt) compared to the previous week, with a few locations as much as $10 higher on a portion of their offerings. Texas direct feeder cattle sales were mostly steady with a few head $2 higher. Negative cattle feeding margins and lower feeder cattle futures continued to pressure the market, while tight supplies, higher beef prices and improved pasture conditions in some areas remained supportive. Fed cattle cash prices were unchanged from a week ago. Wholesale beef prices were lower for the week, but remain at historically high levels above $200 per cwt. Cotton prices were lower due to burdensome world supplies, speculative and fund activity and weaker economic reports from China. However, traders remained concerned about the very dry conditions in major Texas growing areas around Lubbock. Weekly cotton export sales were up 16 percent from the previous week, but 23 percent less than the prior four-week average. Wheat prices were higher for the week, but gains were limited after several countries suspended imports of U.S. wheat following the discovery of unapproved GMO wheat seedlings in an Oregon field. Weekly wheat exports were the smallest of the marketing year and much below the level needed to meet USDA projections. Corn prices were higher after rains in the Corn Belt caused further planting delays. Corn export sales for the current marketing year were well below both the previous week and the prior four-week average. However, large Chinese purchases pushed new crop sales much higher. As for futures markets, fed cattle, wheat, corn and lumber were higher, but feeder cattle and cotton were lower. Most of the state received rainfall during the week, with totals of an inch or more reported in scattered locations statewide. Information on agricultural weather and crop condition 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.