Agricultural Market Summary Oct. 29, 2013

For the week ending Oct. 26, 2013, Texas fed cattle cash prices set a new record high of $132.30 per hundredweight (cwt). Shrinking supplies of market-ready cattle were the primary reason for the increase. Feeder cattle prices reported by Texas auctions were steady to $10 higher per cwt as the higher fed cattle market worked its way down the supply chain. Grain prices were much lower than they were at this time last year, and smaller feeder supplies also contributed to the increase. Texas direct feeder cattle sales were mostly steady. Wholesale beef values were higher, but still well below the records set in May. Beef export sales for the week ending Oct. 3, the most recent available, were lower compared to both the previous week and the prior four-week average, but shipments were higher. Cotton prices were lower as the advancing harvest continues to put additional supplies of new-crop cotton on the market. Weak export sales, which were down 32 percent from the previous week and 52 percent lower than the prior four-week average, contributed to the decline. Wheat prices were lower due to favorable weather in the U.S., beneficial rains in areas of Argentina and the possibility of higher exports from India. Weekly export sales were down from both the previous week and the average, but still more than double the average needed to meet USDA projections for the marketing year. Corn prices also were lower as the advancing harvest continues to put more new-crop grain on the market. Ongoing reports of better than expected yields also added to the pressure. Weekly corn export sales were up 73 percent from the previous week, 75 higher than the prior four-week average and about four times higher than the weekly average needed to meet projections for the marketing year. Most of the state east of a line from Childress to Rio Grande City recorded rainfall during the week, with the heaviest totals in the Coastal Bend, east of I-35 and north of I-10. More details on agricultural weather and crop conditions are available in the weekly 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.

Agricultural Market Summary for Oct. 22, 2013

For the week ending Oct. 19, 2013, feeder cattle prices reported by Texas auctions were steady to $10 higher per hundredweight (cwt). Smaller cattle supplies, lower corn prices and improved prospects for fall and winter grazing continued to support the market. The Texas direct feeder cattle report did not include a market trend, but the average price for 650-850 pound steers for current delivery was up $7.58 from the last report on Sept. 27. Feeder cattle futures were lower in response to higher grain futures. Fed cattle cash prices were up $1 per cwt, and fed cattle futures followed the cash market higher. USDA resumed its daily cotton and grain price reports on Thursday; however, comparisons to last week are not available. Cotton futures were lower, as the advancing harvest put increasing supplies of new-crop cotton on the market. Reports of higher than expected yields in the Southeast and Mississippi Delta, and news of lower Chinese imports contributed to the decline. Wheat futures prices were higher after Argentina reported that its production will likely be much lower than expected. The news offset the impact of more favorable growing weather in the U.S. and the Black Sea region, as well as news that India may increase its wheat exports. Corn futures prices followed wheat futures prices in an upward trend, despite ongoing reports of higher than expected yields and favorable harvest weather in many areas. Most of the state recorded rainfall last week with the heaviest totals, with some reports in excess of two inches, in Southeast Texas and in a band from north of Del Rio to Texarkana. More details on agricultural weather and crop conditions are available in the weekly USDA NASS “Texas Crop Progress and Condition” report at www.texasagriculture.gov/Home/ProductionAgriculture/MarketNews.aspx.

* Reported in the Texas Cattle Feeders Association daily volume and price summary. 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 Oct. 15, 2013

For the week ending Oct. 12, 2013, most of the cash prices normally covered by this recap remained unavailable because of the partial federal government shutdown. Feeder cattle prices reported by Texas auctions were steady to $8 higher per hundredweight (cwt). Smaller cattle supplies and lower corn prices continued to support the market. Fed cattle prices were up $2 per cwt from the previous week, according to the Texas Cattle Feeders Association. Feeder cattle and fed cattle futures prices were both higher for the week. Cotton futures were lower because of the drop in equities markets early in the week and forecasts for larger world supplies. The International Cotton Advisory Committee lowered its world production estimate, but also reduced its estimate of mill usage, resulting in higher than projected world supplies. Wheat futures prices were higher, as expectations for smaller production this year in Argentina and the Black Sea region are expected to boost worldwide demand for U.S. wheat. Corn futures prices were lower due to ongoing reports of higher than expected yields, favorable harvest weather in many areas and reports of a draft proposal by the U.S. Environmental Protection Agency that would reduce the ethanol usage mandates for 2013 and 2014. Rain fell statewide during the week with totals in excess of two inches common in Central, East and Southwest Texas, as well as on the Southern Low Plains. Some locations received eight inches or more of rain, with much of that falling on Saturday and Sunday. The weekly USDA NASS “Texas Crop Progress and Condition” report is not available.

* Reported in the Texas Cattle Feeders Association daily volume and price summary.

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, Oct. 8, 2013

For the week ending Oct. 5, 2013, feeder cattle prices reported by Texas auctions were mostly steady to $5 higher per hundredweight (cwt), with a few as much as $10 higher. Many of the cash prices usually covered by this recap are unavailable because of the partial federal government shutdown. Texas direct feeder cattle sales were unavailable, and the Oklahoma City National Stockyards were $3 to $6 higher. Buyers continue to discount bawling, unweaned offerings, but all classes are attracting attention thanks to tight cattle supplies and corn prices that are much lower than they were at this time last year. The nearby corn futures contract is at its lowest level since August 2010 in anticipation of a record-large harvest this fall. Fed cattle prices were unchanged from the previous week, according to the Texas Cattle Feeders Association. Cash prices and export data are not available for beef, cotton, grain sorghum, corn or wheat. Futures markets were higher for feeder cattle, cotton and wheat, but lower for fed cattle, corn and lumber. Much of the state east of a line from Del Rio to Vernon recorded rainfall during the week, with totals of one-half inch or more common in South Central Texas and along the Upper Coast. The weekly USDA NASS “Texas Crop Progress and Condition” report is not available.

* Reported in the Texas Cattle Feeders Association daily volume and price summary.
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, Oct. 1, 2013

For the week ending Sept. 28, 2013, feeder cattle prices reported by Texas auctions were steady to as much as $10 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were steady to $5 higher, and the Oklahoma City National Stockyards were steady to $2 higher. Recent rains that have boosted prospects for fall and winter grazing, as well as smaller supplies and lower grain prices continued to support the feeder cattle market. Fed cattle prices were $2 per cwt higher than a week ago. Wholesale beef prices were modestly higher. Weekly beef export sales were down 45 percent from the previous week and 52 percent higher than the prior four-week average. Cumulative sales for the year are down 14 percent from a year ago. Cotton prices were higher after China said its crop will be smaller than earlier forecasts, and reports of heavy rains and damaging floods in India. Export sales were down 36 percent from the previous week, 43 percent lower than the prior four-week average and about half the average needed to meet USDA projections for the marketing year. Corn and grain sorghum prices were lower last week as the advancing harvest added to new-crop supplies, with reports of better than expected yields in some areas. Weekly corn export sales were up 46 percent from the previous week, but shipments were down eight percent. Wheat prices were higher because of potential frost damage in Argentina and expectations for continued strong export demand. Wheat exports were down 12 percent from a week ago, but one percent higher than the prior four-week average and nearly double the weekly average needed to meet projections for the marketing year. Futures markets were higher for feeder cattle, fed cattle, cotton, wheat and corn, but lower for lumber. Rain fell statewide last week with the largest totals of five inches or more in parts of Central, South and East Texas. 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.