Agricultural Market Summary, Aug. 27, 2013

For the week ending Aug. 24, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $8 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $2 higher, and the Oklahoma City National Stockyards were steady to $3 higher. Tight supplies, lower grain prices than at this time last year and improved fed cattle prices continued to support the market. Fed cattle cash prices were steady. Wholesale beef prices were higher for Choice, but lower for Select-grade offerings. Weekly beef export sales were up 26 percent from the previous week and 34 percent higher than the prior four-week average, but shipments were lower. Cotton prices were lower mostly due to speculative selling of the underlying futures contract. U.S. production will be lower this year; however, increased production in India, large world stocks and uncertainty about Chinese cotton policies also pressured the market. Weekly cotton export sales were more than double both the previous week and the prior four-week average. Shipments were down 14 percent from the previous week, but up 52 percent from the average. Corn prices were higher on forecasts for warmer, drier weather in the Corn Belt. Corn export sales were higher than in the previous week, but down 31 percent from the prior four-week average and well below the weekly total needed to meet USDA projections for the marketing year. Wheat prices declined due to larger production forecasts for Australia and Canada and continued strong export competition from other suppliers. Wheat export sales for the week were up one percent from the previous week and higher than the weekly average needed to meet USDA projections for the marketing year, but were down 20 percent from the prior four-week average. Futures markets were higher for feeder cattle and corn, but lower for fed cattle, cotton wheat and lumber. Most of the state recorded little or no rainfall during the week, though one-half inch or more of rain fell in scattered locations statewide. The heaviest amounts were reported in South Texas and along the coast. Weekly updates on agricultural weather and crop conditions are available in the USDA NASS “Texas Crop Progress and Condition” report available 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.

Agriculture Market Summary, Aug. 20, 2013

For the week ending Aug. 17, 2013, feeder cattle prices reported by Texas auctions were steady to $7 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $3 higher, and the Oklahoma City National Stockyards were $3 to $5 higher. The likelihood of lower grain prices this fall, along with higher fed cattle and beef prices supported the market. Fed cattle cash prices were $2 higher per cwt, and wholesale beef prices were higher. Beef export sales were up 43 percent from the previous week and one percent higher than the prior four-week average. Weekly shipments were the highest for any one week so far this year, but cumulative shipments are still down 17.5 percent from the same period a year ago. Cotton prices were higher after USDA’s production forecast and projected ending stocks came in lower than expected and cotton condition ratings declined. Export sales for the first full week of the cotton marketing year totaled 38,500 bales, which is up 15 percent from the previous week and two percent higher than the prior four-week average. Corn prices were higher following a lower than expected USDA production forecast and lower-projected ending supplies. Corn export sales were a negative 59,100 metric tons as cancellations out-weighed new sales. Wheat prices followed other grains higher, but the increase was limited by large production in Europe and strong export competition from lower-cost suppliers. Weekly wheat export sales were down 33 percent from the previous week and 34 percent lower than the prior four-week average. Futures markets for feeder cattle, fed cattle, cotton, wheat, corn and lumber were higher. Much of the state from the Upper Coast to the South Plains and Panhandle received one-half inch or more of rain during the week, while other areas reported little or no rainfall. For the weekly update on agricultural weather and crop conditions from the USDA NASS “Texas Crop Progress and Condition” report, click here.

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, August 13, 2013

For the week ending Aug. 10, 2013, feeder cattle prices reported by Texas auctions were steady to $7 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $4 higher. The Oklahoma City National Stockyards were $1 to $3 higher. Improved pasture conditions in some areas and prospects for lower grain prices this fall once again supported prices, especially for lighter-weight cattle. Fed cattle cash prices were $2 higher per cwt. Wholesale beef prices were higher. Cotton prices were higher for the week after China said it would continue buying its surplus domestic production at prices well above world averages. Concerns about hot, dry conditions in much of Texas and excess moisture in parts of the southeastern U.S. also added to the increase. Cotton export shipments ended the marketing year 11 percent higher than the previous year, but 226,000 bales short of USDA projections. Wheat prices were lower, primarily due to weak export demand and higher production estimates from France and Romania. Brazil and China remain steady customers for U.S. wheat, but most other importers are tapping into cheaper supplies from Australia, Western Europe and the Black Sea region. Weekly wheat export sales were up 22 percent from the previous week, but down 22 percent from the prior four-week average. Corn prices were again lower as favorable weather in the Corn Belt continues to improve the prospects for a large 2013 crop. Corn export sales were more than double the previous week and 16 percent above the average. As for futures markets, feeder cattle, fed cattle, cotton and lumber were higher, but wheat and corn were lower. Scattered locations statewide received one-half inch or more of rain during the week, with the heaviest totals in the upper Panhandle and parts of West Texas. Weekly updates on agricultural weather and crop conditions are available in the USDA-NASS “Texas Crop Progress and Condition” report; click here.

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, Aug. 6, 2013

For the week ending August 3, 2013, feeder cattle prices reported by Texas auctions were steady to $8 higher per hundredweight (cwt) with a few reporting prices as much as $15 higher. Texas direct feeder cattle sales were steady to $3 higher. The Oklahoma City National Stockyards were steady to $4 higher on feeder cattle and $3 to $8 higher on calves. Improved pasture conditions in some areas and prospects for lower grain prices this fall once again supported prices, especially for lighter-weight cattle. However, deeply negative cattle feeding margins continued to limit the gains. Fed cattle cash prices were steady. Wholesale beef prices were near unchanged for Choice-grade offerings and lower for Select. Cotton prices were unchanged for the week as concerns about the weather — too dry in much of Texas and too wet in parts of the Southeast — were offset by worries about Chinese demand and weak exports. Cotton export sales were down from both the previous week and prior four-week average, and well below the level needed to meet marketing year projections. Wheat prices were higher due to strong Chinese demand, concerns about the quality of the French crop and indications that world production may be lower than current forecasts. Weekly wheat export sales were down 10 percent from the previous week and 36 percent lower than the prior four-week average, but still higher than the weekly average needed to meet USDA projections for the marketing year. Corn prices were again lower as favorable weather in the Corn Belt continues to improve the prospects for a large 2013 crop. Corn export sales were up from the previous week, but lower than the average needed to meet marketing year projections. As for futures markets, feeder cattle and wheat were higher, but fed cattle, cotton, corn and lumber were lower. An inch or more of rain fell during the week in parts of West Texas, the upper Panhandle and isolated locations in East Texas. However, the rest of the state recorded little or no rainfall. Click here for the weekly 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.