TDA Market Recap, March 30, 2015

Source: Texas Department of Agriculture
For the week ending March 28, 2015, Texas auctions quoted feeder cattle prices mostly steady, ranging from $2 to$15 higher per hundredweight (cwt). Texas weekly direct feeder cattle sales were mostly $2 to $7 higher with some instances of up to $10 higher. Fed cattle weekly cash sales were $2 higher at $165 per cwt, and wholesale beef values were higher with Choice Grade gaining $6.29 to $250.80 per cwt and Select Grade rising $3.43 to $246.71. Net export sales for March 13-19 were up 13 percent from the previous week. Export shipments were up three percent from the previous week.
Cotton cash prices were on par with previous week, closing at 60.13 cents per pound. May futures prices rose 1.2 percent last week to settle at 63.55 cents per pound. For the reporting period of March 16-22, the USDA NASS Texas field office noted that field preparations for cotton continued in many areas of the Northern Low Plains and the Upper Coast. Net export cotton sales were 26 percent lower than the previous week’s sales. Shipments were down two percent from the previous week but unchanged from the average.
Wheat cash and futures prices lost $0.73 and $0.17, respectively to close at $5.06 per bushel and $5.53 per bushel, respectively. The USDA NASS Texas field office reported progress in the winter wheat crop throughout the state. Ninety percent of the Texas winter wheat crop remains in fair-to-excellent condition. Fifty-five percent of the wheat crop is in excellent or good condition. Net export sales for wheat were up 43 percent from last week and 34 percent from the prior four-week average. Shipments were two percent lower than the previous week but 14 percent higher than the average.
Texas corn prices were higher with cash prices up to $4.26 per bushel and futures prices up to $3.91. The USDA NASS Texas field office reported that 14 percent of Texas corn acreage had been planted, up three percentage points from last week, but down five percentage points from the same period last year. Corn planting was active in the Blacklands and South Central Texas. Corn export sales were up 48 percent from last week and 54 percent from the four-week average. Export shipments were 19 percent higher than last week and one percent higher than the average.
Significant precipitation was experienced in the San Antonio area and southward, as well as in portions of East Texas. Last week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state with about 51 percent of the state still in some stage of drought intensity, down about six percentage points from last week. Almost 25 percent of the state remains in severe, extreme or exceptional drought, down more than two percentage points from last week but up almost two percent from three months ago. On the national level, drought conditions worsened slightly with about 56 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.45 percentage points from last week.
Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market Newspage.

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.