Agriculture Market Summary, September 24, 2013

For the week ending Sept. 21, 2013, feeder cattle prices reported by Texas auctions were $5 lower to $3 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were $1 to $3 higher and the Oklahoma City National Stockyards were mostly steady to $5 higher. Several locations noted improved demand, but said buyers continue to discount unweaned calves compared to their weaned counterparts. Fed cattle prices were $1 per cwt higher than a week ago. Wholesale beef prices were lower. Weekly beef export sales were up three percent from the previous week and seven percent higher than the prior four-week average. Japan, Mexico and Hong Kong were the leading buyers. Cotton prices were modestly lower, with export sales down 23 percent from the previous week and 8 percent lower than the prior four-week average. Cotton shipments were also lower. Corn and grain sorghum prices declined last week. Weekly corn export sales totaled 437,400 metric tons, with Mexico, Japan and China as the leading buyers. Shipments during the week totaled nearly 519,000 metric tons. Wheat prices were higher with wheat export sales up 30 percent from a week ago and 25 percent higher than the prior four-week average. Shipments totaled 1.2 million metric tons, the highest volume so far this marketing year and 35 percent higher than the prior four-week average. China, Brazil and Japan were the primary destinations. Futures markets were higher for feeder cattle, wheat, corn and lumber, but lower for fed cattle and cotton. Rain fell statewide last week with the heaviest totals in Southeast Texas, South Texas, parts of the Panhandle and in a band from near Sanderson to Texarkana. More details on agricultural weather and crop conditions are available in the weekly USDA NASS “Texas Crop Progress and Condition” report available 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, Sept. 17, 2013

For the week ending Sept. 14, 2013, feeder cattle prices reported by Texas auctions were $8 lower to $6 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were steady and the Oklahoma City National Stockyards were mostly steady to $1 higher. Several locations noted significant discounts on unweaned calves compared to their weaned counterparts. Tight supplies continue to support feeder cattle prices, but volatile grain markets have created more uncertainty for feeder cattle buyers. Fed cattle prices were steady. Wholesale beef prices were lower. Weekly beef export sales were up six percent from last week and eight percent higher than the prior four-week average. Cumulative sales for the year are down 15.1 percent from this time a year ago. Cotton prices were higher after USDA’s production forecast and projected ending cotton stocks came in lower than expected. Exports were also supportive with weekly sales 53 percent higher than the prior four-week average and shipments up eight percent from the previous week. Corn and grain sorghum prices were lower following a USDA forecast showing a record-large corn crop and higher end-of-year supplies. Weekly corn export sales for the week for the current marketing year were lower than the average needed to meet USDA projections and sales for the just-completed 2012/13 marketing year were again negative as cancellations outweighed new commitments. Wheat prices were lower due to large world supplies and export competition from lower-priced overseas sources. Wheat export sales were down 19 percent from a week ago and one percent below the prior four-week average, but higher than the weekly average needed to meet USDA projections for the marketing year. Futures markets were higher for feeder cattle, cotton and lumber, but lower for fed cattle, wheat and corn. Parts of South Texas and the Panhandle received one-half inch or more of rain during the week, while other areas of the state recorded little or no rainfall. More details on agricultural weather and crop conditions are available in the weekly USDA NASS “Texas Crop Progress and Condition” report available 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 for Sept. 9, 2013

For the week ending Sept. 7, 2013, feeder cattle prices reported by Texas auctions were $4 lower to $3 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were $1 to $3 higher. Fluctuating grain prices and the possibility this year’s corn crop might be smaller than previously predicted has introduced more uncertainty for feeder cattle buyers. This also has resulted in some instances of lower prices in spite of the shrinking supply. Fed cattle prices were steady. Wholesale beef prices were lower. Weekly beef export sales were down 24 percent from the previous week, but 17 percent higher than the prior four-week average. Cumulative sales for the year are down nearly 16 percent from last year. Cotton prices remained unchanged, as a decline in U.S. crop conditions and strong export sales were offset by ongoing uncertainty about Chinese cotton policies. Cotton export sales were more than double the previous week and nearly three times higher than the prior four-week average. China, Turkey and Thailand were the largest buyers. Corn and grain sorghum prices were lower due to pressure from increasing new-crop supplies, better than expected yields in parts of the South and weak exports. Weekly corn export sales for the current marketing year were negative for the third time in four weeks as cancellations outweighed new sales. Sales for the next marketing year were less than half the previous week and down 39 percent from the prior four-week average. Wheat prices were higher mostly because of strong export sales, up 21 percent from the previous week and 18 percent higher than the prior four-week average. Shipments totaled nearly 1 million metric tons, the highest weekly total for the marketing year. Futures markets were higher for fed cattle, wheat and lumber, but lower for feeder cattle, cotton and corn. One-half inch or more of rain fell during the week in much of the area south and east of a line from Eagle Pass to Brady to Lufkin. More details on agricultural weather and crop conditions are available in the weekly 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.

Agricultural Market Summary, Sept. 4, 2013

For the week ending Aug. 31, 2013, feeder cattle prices reported by Texas auctions were $5 lower to $6 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were mostly steady, and the Oklahoma City National Stockyards were steady to $3 lower. Fluctuations in grain markets spilled over into the feeder market. Both commodities are major sources of input costs for cattle feeders, so when one goes up, the other tends to go down. However, tight feeder cattle supplies from a smaller cow herd continue to support the market, pushing prices higher at some locations and at least limiting the declines at others. Wholesale beef prices were lower. Weekly beef export sales were up 45 percent from the previous week and nearly double the prior four-week average. Cotton prices were modestly lower due to an improvement in U.S. crop conditions ratings and ongoing uncertainty about Chinese cotton policies. Weekly cotton export sales were down 15 percent from last week, but 47 percent higher than the prior four-week average. Corn and grain sorghum prices were near unchanged. Weather forecasts for hot, dry conditions in the western Corn Belt and a lower production forecast from a Midwest crop tour were offset by forecasts for rain in the eastern Corn Belt. Weekly corn export shipments were nearly double the previous week and one percent higher than the prior four-week average. Wheat prices were higher due to a lower production forecast for Australia and supportive export sales. Wheat export sales for the week were up 12 percent from the previous week and well above the weekly total needed to meet USDA marketing year projections, but down four percent from the previous four-week average. Futures markets were higher for feeder cattle, wheat and lumber, but lower for fed cattle, cotton and corn. One-half inch or more of rain fell during the week in a band from near Del Rio to Ft. Worth, and in parts of South and South-Central Texas. The rest of the state received little or no rain. 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.