TDA Market Recap, April 1, 2013
Source: Texas Department of Agriculture
For the week ending March 30, 2013, feeder cattle price trends reported by Texas auctions were $4 lower to $6 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $7 higher and the Oklahoma City National Stockyards were steady to $3 higher. Feeder prices got a boost early in the week from a favorable USDA Cattle on Feed report, but sagged mid-week due to ongoing deeply negative cattle feeding margins.
Then, later in the week, the feeder cattle market pushed higher in response to higher fed cattle prices, higher cattle futures and sharply lower grain prices. Fed cattle cash prices were $1.50 higher, but wholesale beef values were lower. Weekly beef export sales were higher than expected and higher than the prior four-week average.
Cotton prices were higher on reports that China will continue buying cotton even as it releases substantial quantities of its cotton reserves. Weekly export sales came in higher than the previous week, but lower than the prior four-week average. Wheat prices were lower because of improved moisture conditions on the U.S. Plains and a USDA report showing higher-than-expected wheat stocks on hand. Corn prices were higher early in the week due to increased ethanol production and possible planting delays in the Midwest. However, prices fell after USDA reported higher-than-expected corn stocks on hand and that U.S. farmers intend to plant the largest corn acreage since 1936.
As for futures markets, feeder cattle, fed cattle, cotton and lumber were higher, but wheat and corn were lower.
Much of the state north and east of a line from Kingsville to Del Rio to Amarillo recorded rainfall during the week, with totals of an inch or more reported in parts of East and North Texas. The weekly USDA-NASS “Texas Crop Progress and Condition” report is available for download at the following link: www.nass.usda.gov.
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Week Ending |
Previous |
Previous |
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| Texas Cash Markets: |
March 30, 2013 |
Week | Year | |
| Feeder Steers | ($/cwt) |
159.65 |
157.30 |
196.23 |
| Fed Cattle | ($/cwt) |
126.11 |
124.80 |
124.80 |
| Slaughter Lambs | ($/cwt) |
97.50 |
129.00 |
183.00 |
| Slaughter Goats | ($/cwt) |
180.00 |
190.00 |
232.00 |
| Cotton | (¢/lb.) |
82.50 |
81.75 |
87.15 |
| Grain Sorghum | ($/cwt) |
12.10 |
12.71 |
11.24 |
| Wheat | ($/bu.) |
6.94 |
7.29 |
6.36 |
| Corn | ($/bu.) |
7.43 |
7.74 |
6.79 |
| Oranges | ($/carton) |
11.65 |
11.65 |
11.80 |
| Grapefruit | ($/carton) |
15.60 |
15.60 |
13.05 |
| Cabbage | ($/50 lbs.) |
9.75 |
7.25 |
4.50 |
| Onions | ($/40 lbs.) |
16.00 |
18.00 |
11.00 |
| Futures Markets: | ||||
| Feeder Cattle | ($/cwt) |
135.52 |
134.65 |
148.82 |
| Fed Cattle | ($/cwt) |
128.90 |
126.20 |
120.45 |
| Cotton | (¢/lb.) |
88.46 |
87.29 |
93.52 |
| Wheat | ($/bu.) |
7.27 |
7.62 |
6.98 |
| Corn | ($/bu.) |
6.95 |
7.26 |
6.44 |
| Lumber | ($/MBF) |
391.20 |
381.90 |
260.90 |
MBF = thousand board feet
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 500-600 pound medium and large No.1 steers at the Oklahoma City National Stockyards. 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.”
For additional information, contact TDA at 800-835-5832 or visit www.TexasAgriculture.gov.