Source: Texas Department of Agriculture
For the week ending Dec. 9, 2016, Texas feeder cattle auctions reported prices steady to $10 higher, with instances of $1 to $10 lower. Texas Weekly Direct reported prices $1 to $6 lower. Wholesale Beef values were lower, with Choice Grade losing $2.45 to close at $188.94 per hundredweight (cwt) and Select Grade losing $1.55 to close at $171.68 per cwt.
For the time period of Nov. 25- Dec. 1, exporters reported net sales of 4,500 metric tons (MT) for 2016, which were down 79 percent from the previous week and 72 percent from the prior four-week average. Increases were reported for Japan, Mexico and Canada. Exports totaled 16,400 MT, which were up nine percent from the previous week and four percent from the prior four-week average. The primary destinations were South Korea, Japan and Hong Kong.
Cotton prices were lower at the end of last week, with cash prices losing 0.37 cents to close at 69.50 cents per pound and March futures losing 1.51 cents to close at 70.80 cents per pound. Net upland sales totaled 405,200 round bales (RB) for 2016-2017 — that’s a marketing-year high and 93 percent higher than the prior four-week average. Increases were reported for Vietnam, Turkey and China. Exports totaled 229,700 RB — this is a marketing year high. Exports were up 75 percent from the previous week and 85 percent from the prior four-week average. The primary destinations were China, Vietnam and Turkey.
Wheat prices were higher at the end of last week, with cash prices gaining 11 cents to close at $3.05 per bushel and December futures gaining six cents to close at $3.96 per bushel. Net sales totaled 503,100 MT for delivery in the 2016-2017 marketing year. Sales were up four percent from the previous week and down 22 percent from the prior four-week average. Increases were reported for Taiwan, Japan and China. Exports totaled 555,500 MT, which were up noticeably from the previous week and 59 percent from the prior four-week average. The primary destinations were Morocco, Japan and China.
Corn prices were higher at the end of last week, with cash prices gaining a penny to close at $3.48 per bushel and December futures gaining three cents to close at $3.53 per bushel. Net sales totaled 1,495,400 MT for 2016-2017. Sales were up 96 percent from the previous week and 12 percent from the prior four-week average. Increases were for Peru, Japan and Mexico. Exports totaled 1,366,400 MT, which were up 69 percent from the previous week and 94 percent from the prior four-week average. The primary destinations were Japan, Mexico and Taiwan.
Grain sorghum cash prices were steady at the end of last week, with cash prices remaining at $5.33 per cwt. Net sales reductions totaled 10,400 MT for 2016-2017 — this was a marketing-year low, with sales down noticeably from the previous week and prior four-week average. Increases reported for China and Nigeria. Exports were up noticeably from the previous week and prior four-week average, and totaled 232,900 MT — a marketing-year high. The destinations were China, Mexico and Nigeria.
Milk prices were higher at the close of last week, with December Class III milk futures gaining seven cents to close at $17.10 per cwt
This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 18.10 percent of Texas still in some stage of drought intensity, down 15.53 percentage points from last week. On the national level, drought conditions improved slightly, with 54.83 percent of the U.S. experiencing abnormal dryness or some degree of drought.
| Week Ending | Previous | Previous | ||
| Texas Cash Markets: | Dec. 9, 2016 | Week | Year | |
| Feeder Steers | $/cwt | 125.12 | 128.88 | 162.61 |
| Fed Cattle | $/cwt | 110.00 | 112.00 | N/A |
| Slaughter Lambs | $/cwt | 204.00 | 175.00 | 208.00 |
| Slaughter Goats | $/cwt | 272.00 | 239.00 | 260.50 |
| Cotton | ¢/lb. | 69.50 | 69.87 | 62.12 |
| Grain Sorghum | $/cwt | 5.33 | 5.13 | 5.80 |
| Wheat | $/bu. | 3.05 | 2.94 | 3.93 |
| Corn | $/bu. | 3.48 | 3.36 | 3.79 |
| Futures Markets: | ||||
| Feeder Cattle | $/cwt | 125.95 | 124.60 | 152.12 |
| Fed Cattle | $/cwt | 108.72 | 108.22 | 121.45 |
| Cotton | ¢/lb. | 70.80 | 71.98 | 63.71 |
| Wheat | $/bu. | 3.96 | 3.90 | 4.68 |
| Corn | $/bu. | 3.53 | 3.38 | 3.73 |
| Lumber | $/MBF | 317.30 | 337.20 | 260.80 |
| Class III Milk | $/cwt | 17.10 | 17.16 | 14.56 |
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.