TDA Market Recap, Dec. 8, 2015

Source: TDA Market News
For the week ending Dec. 5, 2015, Texas auctions quoted feeder cattle prices $1 to $12 lower. However, one location did report prices $1 to $10 higher. Wholesale beef values were lower, with Choice Grade losing $3.05 to close at $202.60 per cwt and Select Grade losing $3.37 to close at $191.49 per cwt. Estimated cattle harvest for the week totaled 542,000 head, which was up 13,000 from last week but down 2,000 from last year.
Cotton cash prices were higher at the end of the week, gaining 1.99 cents to close at 62.37 cents per pound. December futures prices were higher, gaining 1.93 cents to close at 63.23 cents per pound. For the time period of Nov. 23 – 29, the USDA NASS Field Office reported that cotton harvest continued in areas of the Plains, as producers worked to get cotton harvested ahead of the Thanksgiving storms. However, harvesting delays were experienced in areas of the Southern Low Plains and Trans-Pecos. Cotton harvest is currently at 75 percent, which is 17 points above the previous year and five points behind normal. Net upland sales totaled 287,100 round bales (RB) for 2015-2016, which was a marketing-year high, and up seven percent from the previous week and 56 percent from the prior four-week average. Increases were reported for Vietnam, Turkey and Bangladesh. Exports totaled 80,600 RB, which was down 11 percent from the previous week and 15 percent from the prior four-week average. The primary destinations were Mexico, Vietnam and Turkey.
Wheat prices were higher at the close of last week, with cash prices gaining $0.17 to close at $3.91 per bushel. December futures prices gained $0.07 to close at $4.64 per bushel. The USDA NASS Field Office reported that winter wheat and oats progressed well in areas of South Central and South Texas, with some seeding delays experienced in areas of the Upper Coast due to recent rainfall. Net sales totaled 392,200 metric tons (MT) for delivery in 2015-2016, which was up 29 percent from the previous week and 17 percent from the prior four-week average. Increases were reported for China, South Korea and Mexico. Exports of 399,000 MT were up 54 percent from the previous week and 56 percent from the prior four-week average. The primary destinations were China, South Korea and the Philippines.
Corn prices were higher at the close of last week. Corn cash prices gained $0.10 to close at $3.85 per bushel, and December futures prices gained $0.11 to close at $3.76 per bushel. The USDA NASS Field Office reported that most of the 2015 Texas corn and sorghum crop has been harvested. Corn harvest is currently at 96 percent. This is four points behind the previous year and four points behind normal. Net sales totaled 499,400 MT for 2015-2016, which was down 76 percent from the previous week and 50 percent from the prior four-week average. Increases were reported for Mexico, Japan and Guatemala. Exports of 373,800 MT were down 30 percent from the previous week and 11 percent from the prior four-week average. The primary destinations were Japan, Mexico and Peru.
This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with only 3.6 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 also improved, with nearly 37 percent of the U.S. experiencing abnormal dryness or some degree of drought.
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.