TDA Market Recap August 3, 2015 (8/4/2015)

AUSTIN – (August 3, 2015) For the week ending August 1, 2015, Texas auctions quoted feeder cattle prices mostly steady, with instances of sales ranging from $10 lower to $4 higher per hundredweight (cwt). Texas weekly direct feeder cattle sales were $2 to $10 lower following the weakness that began at the end of last week. Wholesale beef values were higher, with Choice Grade gaining $2.55 to close at $233.25 per cwt and Select Grade gaining $1.06 to close at $229.29 per cwt. Net export sales totaling 6,200 metric tons (MT) for July 17 – July 23 were down 39 percent from the previous week. Export shipments of 11,700 MT were down eight percent from the previous week. Shipments primarily went to Japan, South Korea and Mexico.

Cotton cash prices were 2.00 cents lower than the previous week and closed at 59.38 cents per pound. October futures prices settled at 64.01 cents per pound, 1.83 cents lower than last week. For the reporting period of July 20 – July 26, the USDA NASS Texas field office indicated that 79 percent of cotton acreage is in the squaring stage, up 11 percentage points from the previous week but down three percentage points from last year. Net export cotton sales were down 75 percent from the previous week’s sales. Shipments were down three percent from the previous week and down 10 percent from the average.

Wheat cash prices lost $0.14 and futures prices lost $0.15 to settle at $4.38 and $4.92 per bushel, respectively. The USDA NASS Texas field office reported that 99 percent of the Texas wheat crop has been harvested, with 47 percent of wheat acreage in good to excellent condition. Net export sales for wheat were 699,400 MT, with increases reported for Mexico, Taiwan and Italy.

Texas corn prices were lower, with cash prices down to $3.96 per bushel and futures prices down to $3.71 per bushel. The USDA NASS Texas field office reported 84 percent of the Texas corn crop is in the silking stage, with 63 percent of corn acreage in good to excellent condition. Corn export sales were up 63 percent from the previous week but down 13 percent from the prior four-week average. Export shipments were seven percent lower than the previous week but unchanged from the average.

This week’s U.S. Drought Monitor for Texas showed a worsening of drought conditions for the state, with 13.55 percent of Texas still in some stage of drought intensity. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions also worsened, with 38.89 percent of the U.S. experiencing abnormal dryness or some degree of drought.

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.