Texas Agricultural Market Summary, Dec. 17, 2013

For the week ending Dec. 14, 2013, Texas feeder cattle auctions reported that prices early in the week were mostly steady to $8 lower per hundredweight (cwt) due to lingering impacts of a severe winter storm. Later in the week, prices, along with the weather, improved, and were steady to as much as $12 higher. Texas direct feeder cattle sales were steady. Fed cattle cash prices were $1 lower, and wholesale beef values were lower. Cotton prices were higher following supportive USDA reports. The U.S. cotton production forecast came in lower than expected and projected ending stocks were unchanged. However, projected world supplies increased. Weekly cotton export sales were nearly double the weekly average needed to meet export projections for the marketing year. Corn and grain sorghum prices were lower amid ongoing concerns about large U.S. supplies, uncertain Chinese demand and possible changes to U.S. ethanol policies. Corn export sales for the week were up 17 percent from the previous week and more than double the weekly average needed to meet USDA export projections for the marketing year; however, sales were down 26 percent from the prior four-week average. Wheat prices declined as large world supplies and export competition from other suppliers continued to pressure the market. However, weekly export sales were up 62 percent from the previous week and higher than the weekly average needed to meet expectations for the marketing year. Futures markets were higher for feeder cattle, fed cattle, cotton and lumber, but lower for corn and wheat. One half inch or more of precipitation fell in parts of the Trans-Pecos and East Texas during the week, but little or no rain fell elsewhere in the state. More details on agricultural weather and crop conditions are available in the weekly USDA NASS “Texas Crop Progress and Condition” report 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 Texas direct sales of 650-850 pound medium and large No.1 steers for current delivery. 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.

Texas Agricultural Market Summary, Dec. 9, 2013

For the week ending Dec. 7, 2013, Texas feeder cattle auctions reported prices mostly steady compared to their previous sale, with a few as much as $10 lower per hundredweight (cwt) and some as much as $4 higher. Much of the price weakness was attributed to the winter storm that hit the state late in the week. Texas direct feeder cattle sales were mostly steady. The Oklahoma National Stockyards were $2 to $4 lower on calves; however, yearling feeder cattle numbers were not sufficient to allow for market comparison. Fed cattle cash prices were steady. Wholesale beef values were lower. Weekly beef export sales were up 22 percent from the previous week and more than double the previous four-week average. However, shipments were lower. Cotton prices were higher due to strong export sales that were twice the weekly average needed to meet export projections for the marketing year. A winter storm across the U.S. Plains and stronger economic indicators also were factors. Corn and grain sorghum prices were higher after weekly ethanol production came in above levels needed to meet USDA projections for the marketing year. There also were concerns that the winter storm could limit near-term corn supplies. Weekly corn export sales were lower than expected, and down from both the previous week and the prior four-week average. However, shipments were higher compared to both periods and higher than the average needed to meet marketing year projections. Futures markets were higher for cotton and corn, but lower for feeder cattle, fed cattle, wheat and lumber. Most of the state recorded precipitation during the week, though totals of one-half inch or more were limited to parts of West 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.

Texas Agriculture Market Summary, Dec. 3, 2013

For the week ending Nov. 30, 2013, a Texas feeder cattle auction trend is not available as most reporting locations were closed for the Thanksgiving holiday. Texas direct feeder cattle sales were mostly steady. Fed cattle cash prices were $1 higher per hundredweight (cwt), with sales of only about 600 head of cattle confirmed by USDA. Wholesale beef values were higher. Weekly beef export sales were down 43 percent from the previous week, but shipments were 13 percent higher. The primary destinations were South Korea, Mexico and Japan. Cotton prices were higher. Weekly export sales were 13 percent lower than the prior week; however, shipments were 35 percent higher. China, Pakistan, Japan and Egypt were the leading destinations. Corn and grain sorghum prices were lower. Weekly corn export sales were up seven percent from the previous week and four times higher than the average needed to meet annual projections. South Korea, China, Peru and Mexico were the leading buyers. Wheat prices were lower. Export sales were down nine percent from the previous week, but were still higher than expected and nearly double the weekly average needed to meet USDA export projections for the marketing year. Futures markets were higher for fed cattle, cotton, wheat and lumber, but lower for feeder cattle and corn. Most of the state east of a line from Del Rio to Ft. Worth recorded rainfall last week with totals of two inches or more reported in Southeast 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.