TDA Market Recap, May 1, 2017

Source: Texas Department of Agriculture
For the week ending April 28, 2017, Texas feeder cattle auctions reported prices steady to $10 higher. Texas Weekly Direct reported prices steady to $2 higher, with instances of up to $5 higher. Wholesale Beef values were higher, with Choice Grade gaining $3.12 to end at $221.79 per hundredweight (cwt) and Select Grade gaining $3.39 to end at $207.68 per cwt.
For the time period of April 17-23 the USDA NASS Field Office reported that cattle were in mostly good condition across the state. Pasture and range condition was rated at 76 percent good to fair, unchanged from the previous week. Land owners in the Lower Valley bailed hay. Winter pastures in North East Texas were being cut for silage and hay. Feral hog activity has increased in pastures and hay meadows in North East Texas.
Net sales totaled 21,200 metric tons (MT) and were up 8 percent from the previous week and 30 percent from the prior four-week average. Increases were reported primarily for Japan, South Korea and Mexico. Exports totaled 13,700 MT and were unchanged from the previous week, but down 1 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.
Cotton prices were uneven at the end of last week, with cash prices losing 1.50 to close at 75.25 cents per pound and May futures gaining 0.14 cents to close at 80.23 cents per pound. The USDA NASS Field Office reported that cotton field preparation continued in the High Plains and the Edwards Plateau. Planting continued in the Blacklands, South East, South Central and South Texas. Cotton planted was estimated at 12 percent complete, one point above the previous week. Net upland sales totaled 115,500 running bales (RB) for 2016/2017 and were down 49 percent from the previous week and 61 percent from the prior four-week average. Increases were reported primarily for Vietnam, Turkey and Indonesia. Exports totaled 302,400 RB and were down 16 percent from the previous week and 26 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and India.
Wheat prices were higher at the end of this week with cash prices gaining 40 cents to close at $3.61 per bushel and May futures gaining 23 cents to close at $4.25 cents per bushel. The USDA NASS Field Office reported that winter wheat condition was rated at 78 percent fair to good, the same as the previous week. Some winter wheat fields were damaged by hail in the Northern Plains and a few fields in the Blacklands had wheat lodging problems. Leaf rust continued to be an issue for some wheat producers in the Low Plains and the Blacklands. Net sales totaled 61,700 MT and were down 85 percent from the previous week and 87 percent from the prior four-week average. Increases were reported primarily for Japan, Yemen and China. Exports totaled 612,700 MT and were down 17 percent from the previous week, but up 1 percent and from the prior four-week average. The destinations were primarily the Philippines, Taiwan and Mexico.
Corn prices were lower at the end of last week with cash and May futures prices both losing a penny to close at $3.53 per bushel and $3.58 per bushel, respectively. The USDA NASS Field Office reported that the wet weather conditions delayed planting of row crops in the central and eastern parts of the state. Net sales totaled 987,900 MT and were up 31 percent from the previous week and 18 percent from the prior four-week average. Increases were reported primarily for South Korea, Japan and Saudi Arabia. Exports totaled 1,374,300 MT and were down 2 percent from the previous week, but unchanged from the prior four-week average. The primary destinations were Japan, Mexico and Peru.
Grain Sorghum cash prices were 3 cents higher to close the week at $5.32 per cwt.  The USDA NASS Field Office reported that the wet weather conditions delayed planting of row crops in the central and eastern parts of the state. Net sales totaled 61,700 MT and were down 85 percent from the previous week and 87 percent from the prior four-week average. Increases were reported primarily for Japan, Yemen and China. Exports totaled 612,700 MT and were down 17 percent from the previous week, but up 1 percent and from the prior four-week average. The destinations were primarily the Philippines, Taiwan and Mexico.
Milk prices were lower at the end of last week, with April Class III milk futures losing 3 cents to end at $15.17 per cwt.
This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with 9.42 percent of Texas still in some stage of drought intensity, down 0.28 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 21.67 percent of the U.S. experiencing abnormal dryness or some degree of drought, down  5.29 percentage points from last week.

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 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.”
For additional information, contact TDA at (800) 835-5832 or visit www.TexasAgriculture.gov.