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.