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weekly-market-recap2

Feb
25
2014

TDA Weekly Market Recap 2/25/2014

Posted 10 years 54 days ago by

AUSTIN – (Feb. 24, 2014) For the week ending Feb. 22, 2014, Texas feeder cattle auctions reported prices mostly steady to $5 higher per hundredweight (cwt), with a few as much as $10 higher on a portion of their offerings. However, a few lower prices also were noted. Texas direct feeder cattle prices were $2 to $4 higher. Reports noted that competition is picking up for stocker-type cattle that are ready to turn out on pasture. Fed cattle cash prices were $2.50 higher. Wholesale beef values also were higher. Prices across the cattle sector remain strong as tight supplies and strong demand continue to support the market. Weekly beef export sales totaled 9,900 metric tons (MT), down 41 percent from the previous week and 19 percent from the prior four-week average. The leading buyers were Hong Kong, South Korea, Mexico and Canada. Shipments of 11,500 MT were down four percent from a week earlier and five percent from the average, with Japan, Mexico and Hong Kong the primary destinations. 

Cotton cash prices ended the week unchanged, but futures prices were modestly lower. USDA released its initial projections for the 2014-15 marketing year, showing higher U.S. and world production and higher projected carryover stocks. Cotton export sales for the week totaled 70,500 bales, down 41 percent from the previous week and 78 percent from the prior four-week average, but still higher than the weekly average needed to meet projections for the marketing year. The top buyers were Mexico, Turkey and Peru. Export shipments of 324,500 bales were down four percent from a week ago, but up five percent from the average.  

Corn and grain sorghum prices were higher for the week in spite of mostly bearish news. Current corn supplies remain ample and USDA’s initial projections for the next marketing year showed higher corn production, higher carryover stocks and lower prices. Weak export data also pressured the market. Weekly corn export sales of 691,400 MT were down 46 percent from the previous week and down 50 percent from the four-week average. Japan, Peru and Egypt were the leading buyers. Shipments totaled 745,000 MT, down 22 percent from a week earlier and 15 percent from the average. 

Wheat prices were higher due to ongoing concerns about possible winter freeze damage and political unrest in Ukraine, a major competitor for wheat exports. Wheat export sales for the week of 424,500 MT were down 29 percent from both the previous week and the prior four-week average. Japan, the Philippines and Uruguay were the leading buyers. Export shipments were the lowest of the marketing year at 277,300 MT, down 31 percent from a week ago and 29 percent below the average.  

Little rain fell anywhere in the state last week, with totals of one-half inch or more limited to scattered locations in East Texas. Last week’s U.S. Drought Monitor showed little change in overall conditions in Texas, with the area of the state rated as abnormally dry or in drought holding steady at 88 percent. The areas rated in severe and extreme drought increased, while percentages in other categories declined or remained unchanged. Parts of Northeast, South and West Texas remained drought-free. Nationally, 53 percent of the contiguous states were reported in some degree of abnormal dryness or drought, down two points from a week ago. The seasonal drought outlook released last week indicates that drought will likely develop or intensify over much of the state west of a line from Beaumont to Wichita Falls. Conditions are expected to improve in North Texas and remain drought-free in much of East Texas. Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market News page.

 

 

 

Week Ending

Previous

Previous

Texas Cash Markets:

 

 Feb. 22, 2014

             Week

             Year

 

 

 

 

 

Feeder Steers

$/cwt

166.33

163.68

140.00

Fed Cattle

$/cwt

144.69

142.11

123.04

Slaughter Lambs

$/cwt

198.00

175.00

156.00

Slaughter Goats

$/cwt

246.00

245.00

233.00

Cotton

¢/lb.

83.00

83.00

77.50

Grain Sorghum

$/cwt

7.96

7.82

11.84

Wheat

$/bu.

6.87

6.79

7.12

Corn

$/bu.

4.97

4.89

7.34

Oranges

$/carton

11.65

12.60

11.65

Grapefruit

$/carton

13.65

13.65

15.95

Cabbage

$/50 lbs.

10.00

12.00

5.75

 

 

 

 

Futures Markets:

 

 

 

 

 

 

 

 

 

Feeder Cattle

$/cwt

170.70

170.47

141.25

Fed Cattle

$/cwt

144.55

142.60

126.35

Cotton

¢/lb.

87.09

87.55

81.39

Wheat

$/bu.

6.83

6.75

7.50

Corn

$/bu.

4.53

4.45

6.90

Lumber

$/MBF

363.60

362.40

376.40

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.



Disclaimer: The information compiled in the TDA Market Summary is obtained from a variety of sources, including those available on the Internet, that are believed to be reliable and accurate, but are in no way guaranteed. This information is intended to provide only a summary of market trends and a daily snapshot of agricultural markets and economic indicators. It should not be relied upon as a sole source of market information.









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