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Wednesday, February 19, 2014
Tuesday, February 11, 2014
Texas Agricultural Market Summary, Feb. 11, 2014
For the week ending Feb. 8, 2014, Texas feeder cattle auctions reported prices $4 lower to $7 higher per hundredweight (cwt). Many locations had very light receipts due to cold temperatures and icy roads that limited cattle movement. Texas direct feeder cattle prices were $2 to $4 lower. Fed cattle cash prices declined $3.60 per cwt in very light trade, with only 228 head confirmed by USDA at $141. Wholesale beef values were sharply lower, with Choice-grade offerings down $22.72 (10 percent) for the week as retailers caught up on purchases and returned to more normal buying patterns. Those lower prices also pulled fed cattle and feeders lower. However, prices across the cattle sector remain at historically high levels as tight supplies continue to support the market. Weekly beef export sales totaling 8,100 metric tons (MT) were down 19 percent from a week ago and 21 percent below the prior four-week average. Hong Kong, Japan and Taiwan were the leading buyers. Shipments of 12,300 MT were up one percent from a week earlier and up nine percent from the average.
Cotton prices were higher due to tight supplies of uncommitted U.S. cotton, continued Chinese purchases and strong weekly export data. Cotton export sales of 179,800 bales were 63 percent lower than a week earlier and 43 percent lower than the average. However, sales for the marketing year have now reached 87 percent of the annual total projected by USDA, compared to 80 percent at this time last year. Shipments totaled 358,600 bales, a high for the marketing year, up 18 percent from last week and 48 percent higher than the average. China, Turkey, Indonesia and Mexico were the top destinations.
Corn and grain sorghum prices were higher because of hot, dry conditions in South America and support from higher soybean prices. Corn export sales totaled 1.7 million MT, down eight percent from the previous week, but nearly double the prior four-week average. Japan, Spain and Vietnam were the leading buyers. Exports of 747,300 MT were down 26 percent from a week earlier and three percent lower than the average.
Wheat prices were higher due to a decline in crop conditions and concerns about possible winter-kill on the U.S. Plains and in the Black Sea region. Wheat export sales totaled 733,600 MT for the week, down 15 percent from the previous week, but up 62 percent from the average. Guatemala, Japan and Brazil were the leading buyers. Shipments of 367,900 MT were two percent lower than a week earlier, and 18 percent below the prior four-week average.
Much of East Texas received one-half inch or more of precipitation during the week, but little or no moisture was recorded elsewhere in the state. Last week’s U.S. Drought Monitor showed further deterioration of conditions in Texas, with the area of the state rated as abnormally dry or in drought up more than four points to 85 percent. The areas rated abnormally dry, in moderate drought and extreme drought increased and the percentage in exceptional drought remained near unchanged. Nationally, 57 percent of the contiguous states were reported in some degree of abnormal dryness or drought, up one point from a week ago. Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market News page.
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.
Cotton prices were higher due to tight supplies of uncommitted U.S. cotton, continued Chinese purchases and strong weekly export data. Cotton export sales of 179,800 bales were 63 percent lower than a week earlier and 43 percent lower than the average. However, sales for the marketing year have now reached 87 percent of the annual total projected by USDA, compared to 80 percent at this time last year. Shipments totaled 358,600 bales, a high for the marketing year, up 18 percent from last week and 48 percent higher than the average. China, Turkey, Indonesia and Mexico were the top destinations.
Corn and grain sorghum prices were higher because of hot, dry conditions in South America and support from higher soybean prices. Corn export sales totaled 1.7 million MT, down eight percent from the previous week, but nearly double the prior four-week average. Japan, Spain and Vietnam were the leading buyers. Exports of 747,300 MT were down 26 percent from a week earlier and three percent lower than the average.
Wheat prices were higher due to a decline in crop conditions and concerns about possible winter-kill on the U.S. Plains and in the Black Sea region. Wheat export sales totaled 733,600 MT for the week, down 15 percent from the previous week, but up 62 percent from the average. Guatemala, Japan and Brazil were the leading buyers. Shipments of 367,900 MT were two percent lower than a week earlier, and 18 percent below the prior four-week average.
Much of East Texas received one-half inch or more of precipitation during the week, but little or no moisture was recorded elsewhere in the state. Last week’s U.S. Drought Monitor showed further deterioration of conditions in Texas, with the area of the state rated as abnormally dry or in drought up more than four points to 85 percent. The areas rated abnormally dry, in moderate drought and extreme drought increased and the percentage in exceptional drought remained near unchanged. Nationally, 57 percent of the contiguous states were reported in some degree of abnormal dryness or drought, up one point from a week ago. Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market News page.
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.
Tuesday, February 4, 2014
Texas Agricultural Market Summary, Feb. 4, 2014
For the week ending Feb. 1, 2014, Texas feeder cattle auctions reported prices $4 lower to $8 higher per hundredweight (cwt). Texas direct feeder cattle prices were steady to $3 lower. Fed cattle cash prices declined $2.50 from the previous week’s record-high, averaging $144.62 on a light sales volume. Wholesale beef values were sharply lower, with Choice-grade offerings down $6.50 from the record high set the previous Wednesday. Prices across the cattle-beef complex remain at historically high levels as tight supplies continue to support the market. Beef export sales totaled 10,600 metric tons (MT) last week, down 26 percent from the previous week and down 39 percent from the prior four-week average. Japan, Canada and Mexico were the leading buyers. Shipments of 12,700 MT were up five percent from a week earlier and 13 percent above the average. South Korea, Japan and Mexico were the top destinations.
Cotton prices were modestly higher due to another strong weekly exports report. Cotton export sales for the week were down three percent from the previous week, but were still the second highest of the marketing year and more than double the prior four-week average. Vietnam, China and Mexico were the leading buyers. Shipments totaling 304,100 were the highest this marketing year, up 29 percent from a week earlier and 51 percent higher than the average.
Corn and grain sorghum prices were higher as solid export data continued to support the market. Corn export sales totaled 1.8 million MT last week, 2.5 times higher than the previous week and more than four times higher than the four-week average. Japan accounted for nearly half the purchases. Shipments of 1 million MT were up 26 percent from the week earlier and up 38 percent from the average. Japan, Mexico and Columbia were the leading destinations. Grain sorghum sales and shipments also were up sharply from both the previous week and the average.
Wheat prices were lower as large world supplies continue to pressure the market and in spite of strong export sales and concerns about freeze damage. Wheat export sales for the week were 794,900 MT, nearly double the previous week and nearly three times higher than the average.
Most of the state recorded precipitation during the week, with totals of one-half inch or more reported in parts of North Texas, East Texas and the Lower Rio Grande Valley. Last week’s U.S. Drought Monitor showed further deterioration in conditions in Texas, with the area of the state rated as abnormally dry or in drought up four points to 81 percent. The areas rated in moderate, severe and extreme drought increased and the percentage in exceptional drought held unchanged. It has been more than three years, since early November 2010, that more than half the state has been rated in some degree of drought. Nationally, 56 percent of the contiguous states were reported in some degree of abnormal dryness or drought, up three points from a week ago. There are growing concerns about drought conditions in California. Officials there have said that their agricultural sector stands to lose more than $5 billion if they do not get relief soon. Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market News page.
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.
Cotton prices were modestly higher due to another strong weekly exports report. Cotton export sales for the week were down three percent from the previous week, but were still the second highest of the marketing year and more than double the prior four-week average. Vietnam, China and Mexico were the leading buyers. Shipments totaling 304,100 were the highest this marketing year, up 29 percent from a week earlier and 51 percent higher than the average.
Corn and grain sorghum prices were higher as solid export data continued to support the market. Corn export sales totaled 1.8 million MT last week, 2.5 times higher than the previous week and more than four times higher than the four-week average. Japan accounted for nearly half the purchases. Shipments of 1 million MT were up 26 percent from the week earlier and up 38 percent from the average. Japan, Mexico and Columbia were the leading destinations. Grain sorghum sales and shipments also were up sharply from both the previous week and the average.
Wheat prices were lower as large world supplies continue to pressure the market and in spite of strong export sales and concerns about freeze damage. Wheat export sales for the week were 794,900 MT, nearly double the previous week and nearly three times higher than the average.
Most of the state recorded precipitation during the week, with totals of one-half inch or more reported in parts of North Texas, East Texas and the Lower Rio Grande Valley. Last week’s U.S. Drought Monitor showed further deterioration in conditions in Texas, with the area of the state rated as abnormally dry or in drought up four points to 81 percent. The areas rated in moderate, severe and extreme drought increased and the percentage in exceptional drought held unchanged. It has been more than three years, since early November 2010, that more than half the state has been rated in some degree of drought. Nationally, 56 percent of the contiguous states were reported in some degree of abnormal dryness or drought, up three points from a week ago. There are growing concerns about drought conditions in California. Officials there have said that their agricultural sector stands to lose more than $5 billion if they do not get relief soon. Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market News page.
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.
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