Texas Daily Ag Market News Summary 05/08/17

From Weekly Recap:

AUSTIN – (May 8, 2017) For the week ending May 5, 2017, Texas feeder cattle auctions reported prices steady to $10 higher. Texas Weekly Direct reported prices $3 to $9 higher, with instances of up to $12 higher. Wholesale Beef values were higher, with Choice Grade gaining $12.60 to end at $238.87 per hundredweight (cwt) and Select Grade gaining $10.12 to end at $219.57 per cwt. For the time period of April 24-30 The USDA NASS Field Office reported that flies were becoming a concern for cattle in areas of the Blacklands, South Central and North East Texas. However, cattle were mostly in good condition across the state. Pasture and range condition was rated at 80 percent good to fair, 4 points up from the week prior. For the time period of April 21-27 exporters reported net sales of 16,600 metric tons (MT) which were reported for 2017 and were down 22 percent from the previous week and 12 percent from the prior four-week average. Increases were reported primarily for Japan, Hong Kong and Taiwan. Exports totaled 12,800 MT and were down 7 percent from the previous week and 6 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.

Cotton prices were lower at the close of last week, with cash prices losing 1.50 cents to end at 73.50 cents per pound and May futures losing 0.69 cents to end at 79.76 cents per pound. The USDA NASS Field Office reported that cotton planting was delayed by wet weather in areas of the High Plains. Cotton was being replanted in some areas of the Blacklands due to excessive rain. With planting winding down in the Trans-Pecos, the Lower Valley, South Central and South Texas, producers were focusing on weed and insect control. Net upland sales totaled 152,400 running bales (RB) for 2016-2017 and were up 32 percent from the previous week, but down 34 percent from the prior four-week average. Increases were reported primarily for Vietnam, Indonesia and Turkey. Exports totaled 357,300 RB and were up 18 percent from the previous week, but down 8 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Bangladesh.

Wheat prices were lower at the close of this week with cash prices losing 8 cents to end at $3.79 per bushel and May futures losing 15 cents to end at $4.38 cents per bushel. The USDA NASS Field Office reported that winter wheat condition was rated at 78 percent fair to good. Producers in the Northern High Plains were concerned with the effects the passing cold front could have on the wheat crop. Wheat in the Cross Timbers and the Southern High Plains was turning colors. Some wheat and oat fields in the High Plains and the Blacklands were being cut and baled for hay. Net sales totaled 258,400 MT and were up noticeably from the previous week, but down 30 percent from the prior four-week average. Increases were reported primarily for the Philippines, Thailand and Nigeria. Exports totaled 622,900 MT and were up 2 percent from the previous week, but down 2 percent and from the prior four-week average. The destinations were primarily the Philippines, Japan and Mexico.

Corn prices were uneven at the close of last week with cash prices gaining 8 cents to end at $3.71 per bushel and May futures losing 7 cents to end at $3.62 per bushel. The USDA NASS Field Office reported that corn planting continued in the Northern High Plains. Some corn entered tassel stage in the Coastal Bend, the Upper Coast and South Texas. Net sales totaled 771,600 MT and were down 22 percent from the previous week and 15 percent from the prior four-week average. Increases were reported primarily for Japan, Mexico and South Korea. Exports totaled 1,226,100 MT and were down 11 percent from the previous week and 10 percent from the prior four-week average. The primary destinations were Japan, Mexico and South Korea.

Grain Sorghum cash prices were lower at the close of week, losing 4 cents to end at $5.47per cwt. The USDA NASS Field Office reported that sugarcane aphids were found in a sorghum field in the Upper Coast. Net sales totaled 102,500 MT and were up 62 percent from the previous week and 30 percent from the prior four-week average. Increases were reported primarily for unknown destinations, China and Mexico. Exports totaled 73,100 MT and were up noticeably from the previous week, but down 39 percent from the prior four-week average. The destinations were China, Mexico and South Korea.

Milk prices were higher at the end of last week, with May Class III milk futures gaining 40 cents to end the week at $15.58 per cwt.

This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with 8.62 percent of Texas still in some stage of drought intensity, down 0.80 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved, with 14.31 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 7.36 percentage points from last week.