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.