TDA Market Recap, Jan. 6, 2014

Source: Texas Department of Agriculture
For the week ending Jan. 4, 2014, Texas feeder cattle auction prices are not available as all reporting locations remained closed for the Holidays. Texas direct feeder cattle prices were steady. Market fundamentals remain bullish as tight supplies, record high fed cattle prices and grain prices much lower than they were at this time last year continue to support feeder prices. Fed cattle cash prices were up $3 from the previous week to a new record high $136.52 per cwt. Wholesale beef values were higher. Beef exports totaled only 2,500 metric tons, down 48 percent from the prior four-week average.
Cotton prices were lower. Weekly cotton export sales were down 61 percent from both the previous week and the average. Major buyers were China, Bangladesh, Turkey and Mexico.
Corn and grain sorghum prices were lower as large U.S. supplies and weak exports continue to pressure markets. Corn export sales for the week were down 90 percent from the previous week and 80 percent lower than the four-week average. Japan, Peru, and the Dominican Republic were leading buyers. Shipments were down 37 percent from a week earlier and 7 percent below the average.
Wheat prices were lower. U.S. wheat export sales for the week were down 58 percent from the previous week and 46 percent lower than the prior four-week average.
Futures markets were higher for feeder cattle and fed cattle, but lower for cotton, wheat, corn and lumber.
Precipitation fell in the northern Panhandle, South and East Texas, with the heaviest totals of two inches or more falling in the Lower Rio Grande Valley. Last week’s U.S. Drought Monitor showed little change in Texas from the previous report, with the area of the state rated in some degree of drought holding steady at 72 percent. Most of East and East-Central Texas and sections of the Trans-Pecos, North and South Texas remain free of drought.

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.