TDA Market Recap, April 25, 2016

Source: Texas Department of Agriculture
For the week ending April 22, 2016, Texas feeder cattle auctions reported prices steady to $18 lower, with one  instance of steady to $5 higher. Texas Weekly Direct reported prices $2 to $5 lower. Wholesale Beef values were lower, with Choice Grade losing $4.57 to close at $220.31 per hundredweight (cwt) and Select Grade losing $5.39 to close at $210.69 per cwt.
For the time period of April 11-17, the USDA NASS Field Office reported that livestock conditions were rated good across the state. Grazing was more prevalent as range and pasture conditions improved where precipitation and warmer temperatures occurred. In Northeast Texas and South Texas, most pastures were greening and supplemental feeding eased.
For the time period of April 8-14, exporters reported net sales of 12,500 metric tons (MT) for 2016, which were down 30 percent from the previous week and 19 percent from the prior four-week average. Increases were reported for Japan, Mexico and Hong Kong. Exports totaled 12,000 MT, which were up one percent from the previous week and seven percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.
Cotton prices were higher at the end of last week, with cash prices gaining 0.75 cents to close at 57.87 cents per pound and March futures prices gaining 0.93 cents to close at 63.08 cents per pound. The USDA NASS Field Office reported that cotton planting was underway in South Texas and the Lower Valley. Preparations for cotton continued in the Trans-Pecos, meanwhile field preparations slowed due to rainfall in the areas of the Northern Low and High Plains. Net upland sales totaled 104,800 round bales (RB) for 2015-2016, which were up 24 percent from the previous week but down 10 percent from the prior four-week average. Increases were reported for China, Pakistan and Vietnam. Exports totaled 200,200 RB, which were up eight percent from the previous week but down 13 percent from the prior four-week average. The primary destinations were Vietnam, Turkey and Mexico.
Wheat prices were lower at the end of last week, with cash prices losing $0.18 to close at $3.83 per bushel and May futures losing $0.03 to close at $4.62 per bushel. The USDA NASS Field Office reported that Winter Wheat continued to progress in most areas due to recent rainfall. Wheat began heading in areas of the Blacklands. Hail damaged some Winter Wheat in areas of the Cross Timbers and South Central Texas. Net sales totaled 295,100 MT for delivery in the 2015-2016 marketing year. Sales were up noticeably from the previous week and 57 percent from the prior four-week average. Increases were reported for Japan, Indonesia and the Philippines. Exports totaled 468,100 MT, which were up 51 percent from the previous week and 34 percent from the prior four-week average. The primary destinations were Italy, the Philippines and China.
Corn prices were lower at the end of last week, with cash prices losing $0.13 to close at $3.74 per bushel and May futures losing $0.09 to close at $3.72 per bushel. The USDA NASS Field Office reported that corn planting began in the Northern High Plains, while sorghum planting continued in the Southern Low Plains. Net sales totaled 1,202,800 MT for 2015-2016, which were up six percent from the previous week and 31 percent from the prior four-week average. Increases were reported for Japan, Mexico and Saudi Arabia. Exports totaled 1,283,500 MT, which were up 27 percent from the previous week and 20 percent from the prior four-week average. The primary destinations were Japan, Colombia and Mexico. Grain sorghum cash prices were down, losing $0.21 to close at $5.39 per cwt.
Milk prices were lower at the close of last week, with Class III milk futures losing $0.06 to close at $13.65 per cwt.
This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 19.42 percent of Texas still in some stage of drought intensity. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved slightly, with 39.20 percent of the U.S. experiencing abnormal dryness or some degree of drought.

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.