Texas Agricultural Market Recap, week ending 4/19/14

Posted 10 years 220 days ago by

AUSTIN – (April 21, 2014) For the week ending April 19, 2014, feeder cattle prices reported by Texas auctions were mostly $4 lower to $4 higher per hundredweight (cwt) compared to their previous sale. Heavier cattle and weaned, preconditioned offerings posted the largest increases, with prices as much as $9 higher at a few locations. Texas direct feeder cattle prices were mostly steady. Tight supplies and strong demand continue to support the feeder cattle market. Fed cattle cash prices were $1 lower. Wholesale beef values were higher. Weekly beef export sales were the highest of the marketing year at 21,900 metric tons (MT), up 18 percent from the previous week and 42 percent higher than the previous four-week average. The top buyers were Japan, Mexico and South Korea. Shipments of 12,700 MT were up three percent from a week earlier and equal to the average. The leading destinations were Japan, South Korea and Hong Kong.

Cotton prices were higher for the week due to concerns about the very dry conditions on the Texas Plains, strong export shipments and continued economic growth in China. However, the large world cotton supplies continued to limit gains. Cotton exports totaled 84,700 bales, a marked improvement over the previous week’s cancellations of 10,900 bales and more than double the prior four-week average, but still less than half the weekly sales needed to meet USDA projections for the marketing year. Export shipments of 280,200 bales were down eight percent from the previous week, two percent lower than the average, but more than five times the total needed to meet expectations for the year.

Wheat prices were higher amid concerns about the dry conditions in winter wheat areas, poor planting conditions in spring wheat areas, possible freeze damage early in the week and the continued turmoil in Ukraine. Wheat export sales for the week totaled 438,000 MT, more than 10 times higher than the previous week’s marketing year low and up 48 percent from the prior four-week average. Shipments of 556,300 MT were unchanged from the previous week, but up nine percent from the average.

Corn and grain sorghum prices were lower due to weak export data, forecasts for improved planting conditions and ample current corn supplies. Corn export sales totaled 601,900 MT, down nine percent from a week ago and 36 percent from the prior four-week average. Export shipments of 1,111,000 MT were down nine percent from the previous week and seven percent lower than the average.

Pine saw logs for the January-February period were up 11 percent from the last period, but down three percent from a year ago. Pine pulpwood prices declined three percent from the last period, but were six percent higher than a year ago.

Most of the state recorded rainfall last week, with totals of one-half inch or more common in North Texas, the Trans-Pecos, the Upper Coast and East-Central Texas. Last week’s U.S. Drought Monitor showed little change in overall conditions in Texas, with 82 percent of the state still rated as abnormally dry or in some degree of drought. However, the percentage in the worst category of exceptional drought increased by three points to 10 percent, all in the High Plains and Northwest Texas. Much of East and South Texas and the Trans-Pecos remain drought-free. Nationally, conditions improved somewhat with 49 percent the contiguous states reported in some degree of abnormal dryness or drought, down one percentage point from a week ago. Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market News page.


Texas Cash Markets:		Week Ending Apr. 19, 2014	Previous Week	Prev. Year

Feeder Steers	$/cwt	176.65	173.45	130.00
Fed Cattle	$/cwt	145.82	147.00	125.86
Slaughter Lambs	$/cwt	170.00	168.00	114.00
Slaughter Goats	$/cwt	207.50	231.00	200.00
Cotton	¢/lb.	84.00	82.25	81.00
Grain Sorghum	$/cwt	8.80	8.85	11.32
Wheat	$/bu.	7.53	7.14	7.16
Corn	$/bu.	5.39	5.43	7.00
Grapefruit	$/carton	12.65	12.65	n/a
Cabbage	$/50 lbs.	6.50	6.25	6.75
Onions	$/40 lbs.	15.00	n/a	11.00
Pine Saw Logs	$/MBF	192.67	172.63	197.68
Pine Pulpwood	$/ton	7.76	7.96	7.26

Futures Markets:

Feeder Cattle	$/cwt	178.55	179.50	134.02
Fed Cattle	$/cwt	144.20	144.85	126.35
Cotton	¢/lb.	90.17	89.02	83.48
Wheat	$/bu.	7.58	7.20	7.46
Corn	$/bu.	4.95	4.99	6.62
Lumber	$/MBF	329.70	328.30	360.60

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 Daily 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. Commentary is the author’s alone and does not in any way convey official TDA policies.