TDA Market Recap, Dec. 20, 2016

Source: Texas Department of Agriculture
For the week ending Dec. 16, 2016, Texas feeder cattle auctions reported prices steady to $10 higher, with instances of $5 to $10 lower. Texas Weekly Direct reported prices steady to $3 higher. Wholesale Beef values were higher, with Choice Grade gaining $2.90 to close at $194.63 per hundredweight (cwt) and Select Grade gaining $5.75 to close at $181.09 per cwt.
For the time period of Dec. 2-8, exporters reported net sales of beef totaling 18,400 metric tons (MT) for 2017, and were primarily for South Korea, Japan and Hong Kong. Exports totaled 16,300 MT, which were unchanged from the previous week but up eight 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 0.50 cents to close at 70.25 cents per pound and March futures losing 0.64 cents to close at 71.40 cents per pound. Net upland sales totaled 311,700 round bales (RB) for 2016-2017, which were down 23 percent from the previous week but up 16 percent from the prior four-week average. Increases were reported for Vietnam, China and Pakistan. Exports totaled 218,400 round bales (RB), and were down five percent from the previous week  but up 48 percent from the prior four-week average. The primary destinations were Vietnam, China and Mexico.
Wheat prices were uneven at the end of last week, with cash prices losing a penny to close at $3.04 per bushel and March futures holding steady to remain at $4.15 per bushel. Net sales totaled 531,300 MT for delivery in the 2016-2017 marketing year; sales were up six percent from the previous week but down seven percent from the prior four-week average. Increases were reported for Nigeria, Morocco and China. Exports totaled 422,000 MT, and were down 24 percent from the previous week but up seven percent from the prior four-week average. The primary destinations were Nigeria, Morocco and Thailand.
Corn prices were lower at the end of last week, with cash prices losing a nickel to close at $3.45 per bushel and March futures losing four cents to close at $3.56 per bushel. Net sales totaled 1,516,000 MT for 2016-2017, and were up one percent from the previous week and eight percent from the prior four-week average. Increases were for South Korea, Mexico and Japan. Exports totaled 835,700 MT, which were down 39 percent from the previous week but up two percent from the prior four-week average. The primary destinations were Mexico, Saudi Arabia and Japan.
Grain sorghum cash prices were lower at the end of the week, with cash prices losing nine cents to close at $5.29 per cwt. Net sales totaled 260,200 MT for 2016-2017; sales were up noticeably from the previous week and 24 percent from the prior four-week average. Increases were reported for China and unknown destinations.  Exports totaled 111,400 MT, which were down 52 percent from the previous week but up seven percent from the prior four-week average. The destinations were China, Indonesia and Mexico.
Milk prices were higher at the close of last week, with December Class III milk futures gaining 15 cents to close at $17.32 per cwt.
This week’s U.S. Drought Monitor for Texas showed slight worsening in drought conditions for the state, with 19.14 percent of Texas still in some stage of drought intensity, up 1.04 percentage points from last week. On the national level, drought conditions improved slightly, with 54.22 percent of the U.S. experiencing abnormal dryness or some degree of drought.
This is the last TDA Market Recap for 2016. Reports will resume Jan. 2, 2017. Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market News page.

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.