TDA Market Recap, April 4, 2016

Source: Texas Department of Agriculture
For the week ending April 1, 2016, Texas feeder cattle auctions reported prices steady to $5 lower, with one instance of steady to $3 higher. Texas Weekly Direct reported prices $1 to $6 lower. Wholesale Beef values were lower, with Choice Grade losing $6.17 to close at $219.11 per hundredweight (cwt) and Select Grade losing $10.70 to close at $206.93 per cwt. For the time period of March 21-27, the USDA NASS Field Office reported that livestock producers in South Texas reported that supplemental feeding was limited due to more abundant grazing. Pasture conditions improved over the past week and began greening up from recent rainfall in many areas of the state. Pasture and range conditions were rated good to fair.
For the period of March 18-24, 2016, exporters reported that net sales totaled 28,400 metric tons (MT), which were up noticeably from the previous week and prior four-week average. Increases were reported for Japan, South Korea and Canada. Exports totaled 9,800 MT, which were down 14 percent from the previous week and 13 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 0.25 cents to close at 55.12 cents per pound and March futures prices gaining 1.40 cents to close at 59.20 cents per pound. The USDA NASS Field Office reported that cotton producers in areas of the Northern Low Plains began field preparations. Net upland sales totaled 86,400 round bales (RB) for 2015-2016, which were up two percent from the previous week but down 48 percent from the prior four-week average. Increases were reported for Turkey, Pakistan and China. Exports totaled 192,300 RB, which were down 11 percent from the previous week and eight percent from the prior four-week average. The primary destinations were Turkey, Vietnam and Indonesia.
Wheat prices were mixed at the end of last week, with cash prices losing $0.05 to close at $4.01 per bushel and May futures gaining $0.01 to close at $4.78 per bushel. The USDA NASS Field Office reported some producers in the Northern High Plains began irrigating wheat. Winter Wheat in areas of the Northern and Southern Low Plains, as well as the Cross Timbers continued to progress. However, most areas could benefit from more rainfall. Net sales totaled 317,200 MT, which were down 14 percent from the previous week but up one percent from the prior four-week average. Increases were reported for the Philippines, Thailand and Mexico. Exports totaled 342,400 MT, which were down four percent from the previous week and 13 percent from the prior four-week average. The primary destinations were Japan, Guatemala and Taiwan.
Corn prices were lower at the end of last week with cash prices losing $0.19 to close at $3.56 per bushel and May futures losing $0.17 to close at $4.78 per bushel. The USDA NASS Field Office reported corn planting continued in areas of the Southern High Plains and Blacklands. In South Texas, sorghum planting continued. Net sales totaled 790,600 MT, which were down two percent from the previous week and 27 percent from the prior four-week average. Increases were reported for Taiwan, South Korea and Japan. Exports totaled 1,136,000 MT, which were up 14 percent from the previous week and 22 percent from the prior four-week average. The primary destinations were Japan, Mexico and Colombia.
Milk prices were higher at the close of last week, with Class III milk futures gaining $0.04 to close at $13.81 per cwt.
This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with nearly 25 percent of Texas still in some stage of drought intensity, up 10.48 percentage points from last week. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions worsened slightly, with 38.90 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.