Agricultural Market Summary July 30, 2013

For the week ending July 27, 2013, feeder cattle prices reported by Texas auctions were steady to $6 higher per hundredweight (cwt) with a few locations reporting as much as $10 higher. Texas direct feeder cattle sales were steady to $2 higher. The Oklahoma City National Stockyards were steady to $3 lower on steers, but steady to $3 higher on heifers. Somewhat better pasture conditions following recent rains and prospects for lower grain prices this fall supported the markets, especially for lighter-weight cattle. However, deeply negative cattle feeding margins continued to limit the gains. Fed cattle cash prices were steady, and wholesale beef prices were lower. Cotton prices were lower due to beneficial rains in major Texas growing areas and lower weekly export sales, which will likely leave the total for the soon-to-end marketing year short of USDA projections. Wheat prices were lower as forecasts of higher production in Europe and strong export competition from lower-cost suppliers in the Black Sea region continued to pressure the market. Weekly wheat export sales were down 34 percent from the previous week and 30 percent lower than the prior four-week average. However, the total was still nearly double the weekly average needed to meet USDA projections for the marketing year. Corn prices were lower as beneficial weather in the Corn Belt continues to improve the prospects for a large 2013 crop. Corn export data were mixed as cancellations resulted in net sales of a negative 27,900 metric tons; however, shipments were up 41 percent from the previous week and 19 percent higher than the prior four-week average. As for future markets, feeder cattle were modestly higher, but fed cattle, cotton, wheat, corn and lumber were lower. Most of the state recorded rainfall last week with totals of less than one-half inch in many areas, but as much as an inch or more reported in scattered locations statewide. Click here for weekly updates on agricultural weather and crop conditions from the USDA-NASS “Texas Crop Progress and Condition” report.

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 July 23, 2013

For the week ending July 20, 2013, feeder cattle prices reported by Texas auctions were mostly $3 lower to $4 higher per hundredweight (cwt) early in the week, and steady to $8 higher later in the week. Texas direct feeder cattle sales were unevenly steady. Prices at the Oklahoma City National Stockyards were steady to $2 lower on feeders, but steady to $4 higher on calves. Widespread rains slowed cattle movement resulting in very light receipts at many locations. Limited feeder cattle supplies, a dip in grain prices and prospects for improved pasture conditions supported the market. However, deeply negative cattle feeding margins continued to limit the gains. Fed cattle cash prices were steady, and wholesale beef prices were lower for choice-grade offerings and higher for select. Cotton prices were higher based on stronger exports and concerns that supplies will become very tight before cotton from this year’s harvest is available. Weekly cotton export sales were 54 percent higher than the previous week and up four percent from the prior four-week average, but much below the weekly average needed to meet USDA marketing year projections. Wheat prices were lower because of increasing harvest-time supplies, prospects for higher production in Europe and lower-priced export offerings from Europe and Russia. Weekly wheat export sales were down from last week’s total, but still 23 percent higher than the prior four-week average. Corn prices were slightly lower as prospects for a large 2013 crop continued to pressure the market. Corn export sales were down 61 percent from the previous week and down 44 percent from the prior four-week average. They also were well below the average needed to meet projections for the soon-to-end marketing year. As for futures markets, feeder cattle, fed cattle, cotton and lumber were higher, but wheat and corn were lower. Beneficial rain fell statewide during the week with totals ranging from a trace to more than five inches in some locations. Click here for weekly updates on agricultural weather and crop conditions, available in the USDA-NASS “Texas Crop Progress and Condition” report.

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, July 16, 2013

For the week ending July 13, 2013, feeder cattle prices reported by Texas auctions were mostly steady to as much as $8 higher per hundredweight (cwt) through Thursday, though some weakness was noted on lighter-weight calves. Between Friday and Saturday, prices were reported steady to $5 lower as larger sale volumes allowed buyers to be more selective. Texas direct feeder cattle sales were $1 to $5 higher, and prices at the Oklahoma City National Stockyards were steady to $5 higher. Prices were supported by the limited feeder cattle supplies and prospects for cheaper feed grains once this year’s crop begins to come in. However, deeply negative cattle feeding margins and dry pastures in many areas continued to limit the gains. Fed cattle cash prices were steady at $119 per cwt, and wholesale beef prices were lower. Cotton prices were lower based on weak exports and higher projected U.S. and world ending stocks. Weekly cotton export sales were down five percent from the previous week and half the prior four-week average. Shipments were 35 percent lower than a week earlier and 32 percent lower than the average. Wheat prices were higher after the projected carryover came in much lower than expected. Weekly wheat export sales were also supportive, 2.5 times higher than the previous week and double the prior four-week average. Shipments were also higher. Corn prices were lower as prospects for a large 2013 crop continued to pressure the market. Corn export sales were up 68 percent from the previous week and double the prior four-week average; however, shipments were 25 percent lower for the week and unchanged from the average. As for futures markets, cotton, wheat and corn were higher, and fed cattle, feeder cattle and lumber were lower. Scattered locations in South, East and North Texas recorded a half inch or more of rain last week, but little significant rainfall was reported in the rest of the state. The Drought Monitor showed 99 percent of the state in some degree of abnormal dryness or drought. Weekly updates on agricultural weather and crop conditions are available in the USDA-NASS “Texas Crop Progress and Condition” report at www.texasagriculture.gov/Home/ProductionAgriculture/MarketNews.aspx

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.

Agriculural Market Summary, July 9, 2013

For the week ending July 6, 2013, a feeder cattle price trend could not be established as most Texas auctions were closed in observance of the Independence Day holiday. Texas direct feeder cattle sales were $3 to $4 higher per hundredweight (cwt), and prices at the Oklahoma City National Stockyards were up $3 to $5. Fed cattle cash prices were $1 per cwt lower. Wholesale beef prices were again lower for Choice cuts, but higher for Select-grade offerings. Cotton cash prices were higher due to the stronger equity market and ongoing concerns about dry conditions in Texas. However, gains were limited by weak exports and improved crop conditions in some areas. Weekly cotton export sales were down 39 percent from the previous week and 67 percent lower than the prior four-week average. Wheat prices declined under pressure from increasing harvest-time supplies and better than expected wheat yields in some areas. Weekly wheat export sales were down from the previous week’s total; however, actual shipments were 43 percent higher. Corn and grain sorghum prices were lower as prospects for a large 2013 crop continued to pressure the market. Corn export sales were down 31 percent from the previous week, but up 42 percent from the prior four-week average. Shipments were more than double the previous week and up 33 percent from the prior four-week average. As for future markets, feeder cattle, fed cattle, cotton, corn, wheat and lumber were higher. Much of the state recorded rainfall during the week, but only a few isolated and widely-scattered locations reported totals of one-half inch or 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.

Agricultural Market Summary, July 2, 2013

For the week ending June 29, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $5 higher per hundredweight (cwt) compared to the previous week. However, a few were as much as $8 higher on a portion of their offerings, and some were $3 lower on fleshy calves and plainer feeder cattle. Texas direct feeder cattle sales were steady to $4 higher, and prices at the Oklahoma City National Stockyards were up $1 to $4. 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. Wholesale beef prices were lower for Choice cuts, but higher for Select-grade offerings. Cotton prices were higher due to stronger equity markets and ongoing concerns about dry conditions in Texas. Weekly cotton export sales were well below both the previous week and prior four-week average. Wheat prices declined amid increasing harvest-time supplies and better than expected wheat yields in some areas. Weekly wheat exports were nearly double the previous week’s total and much higher than the average needed to meet projections for the marketing year. Corn and grain sorghum prices were higher because of lower than expected supplies on hand, strong weekly export sales and higher ethanol production the previous week. Corn export sales were nearly three times higher than the prior week, with cumulative sales now higher than the USDA projected total for the marketing year. As for futures markets, feeder cattle, corn and lumber were higher, while fed cattle, cotton and wheat were lower. Southeast Texas and most of the state west of a line from Victoria to Fort Worth recorded rainfall during the week with amounts ranging from a trace to more than one-half inch in parts of South and West-Central Texas, the Trans-Pecos and western Panhandle. 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.