Texas Agricultural Market Summary, Nov. 26, 2013

For the week ending Nov. 23, 2013, Texas auctions reported feeder cattle prices were mostly steady to $8 lower per hundredweight (cwt), but a few were $2 higher on a portion of their offerings. Texas direct feeder cattle sales were steady to $3 lower. Tight cattle supplies and grain prices that were much lower than a year ago have kept the market at near record-high levels. Fed cattle cash prices were $1 lower compared to the previous week following a decline in wholesale beef values. Weekly beef export sales were up 40 percent from the previous week and well above the prior four-week average. Cumulative sales for the year are down 16 percent from this time last year. Cotton prices were lower amid ongoing uncertainty about Chinese cotton policies and reports that its cotton imports fell 42 percent during October. The news more than offset a lower Chinese production forecast. In addition, cotton export sales for the week were down 35 percent from the previous week and lower than the average needed to meet USDA projections for the marketing year. Corn and grain sorghum prices were higher after weekly corn export sales came in above expectations and were more than three times higher than the average needed to meet annual projections. However, the gains were limited as markets continue to adjust to this year’s record large U.S. corn crop. Wheat prices were higher due to reports of unfavorable weather in Australia and Argentina, as well as strong export data. Weekly export sales were higher than expected, and more than double both the previous week and the weekly average needed to meet USDA projections for the year. Futures markets were higher for wheat, unchanged for corn, and lower for feeder cattle, fed cattle, cotton and lumber. Precipitation fell statewide last week with totals of two or more inches reported in parts of South and East Texas and along the Coastal Bend. 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, Nov. 19, 2013

For the week ending Nov. 16, 2013, Texas auctions reported feeder cattle prices were mostly steady with a few as much as $4 higher per hundredweight (cwt), but some as much as $6 lower. Texas direct feeder cattle sales were mostly steady. Tight cattle supplies and grain prices, which were much lower than a year ago, continued to support the market. Fed cattle cash prices were $1 per cwt higher compared to the previous week. Wholesale beef values were lower. Weekly beef export sales totaled 11,800 metric tons, well above the prior four-week average. For the year, sales are running 16 percent below last year’s pace. Cotton prices were lower due to the advancing harvest and concerns that China will soon begin selling cotton from its massive reserves. Cotton export sales for the week were 472,700 bales, the highest weekly total since June 2012 and more than three times higher than the weekly average needed to meet USDA projections for the marketing year. Grain sorghum prices were higher, but corn was lower, as the record-large U.S. crop continues to weigh on the market. Prices came under additional pressure at the end of the week after the U.S. Environmental Protection Agency (EPA) announced a proposal to lower the renewable fuel standard for 2015, which could reduce the amount of corn needed for ethanol production. Weekly corn export sales totaled in the 1.2 million metric tons, higher than expected and about four times higher than the weekly average needed to meet USDA projections for the marketing year. Wheat prices were lower due to large world supplies, continued favorable weather in the U.S. and lower than expected weekly export sales. Futures markets were higher for feeder cattle, fed cattle, cotton and lumber, but lower for corn and wheat. Very little rain fell statewide last week with totals of one-quarter inch or less in scattered locations. 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, Nov. 13, 2013

For the week ending Nov. 9, 2013, Texas auctions reported feeder cattle prices were mostly steady to $7 higher per hundredweight (cwt), with a few as much as $10 higher, but some $6 lower. Texas direct feeder cattle sales were mostly steady. Dwindling numbers of yearling cattle in the auction mix, tight overall supplies and grain prices that are much lower than a year ago continued to support the market. Fed cattle cash prices declined more than $1 per cwt from the previous week’s record high. Wholesale values were lower for Choice-grade beef, but higher for Select-grade offerings. Weekly beef export sales were a negative 18,500 metric tons, as cancellations outweighed new orders. Shipments totaled 13,300 metric tons; Hong Kong, Japan and Mexico were the top destinations. Cotton prices were lower due to the advancing harvest and projections for larger U.S. and world supplies. Weekly export sales were higher than expected and nearly three times higher than the average needed to meet USDA projections for the marketing year. However, shipments came in lower than expected. Wheat prices were lower due to continued favorable weather in the U.S. and lower export prices from India. Weekly export sales were well above expectations and nearly double the weekly average needed to meet annual projections. Corn prices were unchanged and grain sorghum was higher. Forecasts for higher production were offset by much better than expected export sales. Futures markets were higher for feeder cattle, fed cattle, cotton and lumber, unchanged for corn and lower for wheat. Most of the state recorded rainfall during the week, with an inch or more reported in parts of South, West-Central and North Texas. 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, Nov. 5, 2013

For the week ending Nov. 2, 2013, Texas fed cattle cash prices posted a slight increase to reach a new record high of $132.33 per hundredweight (cwt). Smaller supplies of market-ready cattle and higher beef prices continued to support the market. Feeder cattle prices reported by Texas auctions were mostly steady to $7 higher for much of the week, but turned mostly steady to $3 lower on Friday and Saturday. Texas direct feeder cattle sales were mostly steady. The same factors continue to support the market as in past weeks — higher fed cattle, reduced feeder supplies and lower grain prices. However, lower feeder cattle futures and reduced buying interest at the current higher prices also pressured markets. Wholesale beef values were higher. Beef export sales for the three weeks ending Oct. 24 were up 71 percent from the previous three-week period, but remained about 12 percent behind where they were at this time last year. Cotton prices were lower as the advancing harvest continues to put additional supplies of new-crop cotton on the market. Export sales were more than three times higher than in the previous three-week period, but shipments were down 29 percent. Wheat prices were lower due to continued favorable weather in the U.S., a higher global production estimate and weak U.S. exports. Weekly export sales were down 38 percent from the previous period, and shipments were 40 percent lower. Corn and grain sorghum prices also declined as the advancing harvest continues to put more new-crop grain on the market. Ongoing reports of better than expected yields and speculation that USDA will raise its production forecast also added to the pressure. Weekly corn export sales were up 65 percent from the previous three weeks and much higher than expected. Mexico was the largest buyer. Futures markets were higher for lumber, but lower for feeder cattle, fed cattle, cotton, corn and wheat. Most of the state recorded rainfall during the week, with the heaviest totals east of a line from Texarkana to San Antonio to Victoria. Many locations in that area received two or more inches or rain with some locally-heavy rainfall totals in excess of 10 inches. 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.

(Please note: Next week’s market recap will be issued on Tuesday, Nov. 12, due to the Veterans’ Day holiday on Monday.)

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.