TDA Market Recap, Feb. 17, 2015

Source: Texas Department of Agriculture
For the week ending Feb. 14, 2015, Texas auctions quoted feeder cattle prices steady to strong, ranging from $3 to $20 higher per hundredweight (cwt). Texas weekly direct feeder cattle sales continued to be steady to $2 lower. Fed cattle weekly cash sales were steady at $162 per cwt, but wholesale beef values were slightly lower. Net export sales for Jan. 30-Feb. 5 were down one percent from last week, but up 23 percent from the weekly average. Export shipments were up 22 percent from last week.
Cotton cash prices were slightly higher again, up to 60.13 cents per pound on Friday. March futures prices were 1.8 percent higher. The USDA NASS Texas field office reported that the state’s cotton crop is 100 percent harvested, on par with last year and the five-year average. The February World Agriculture Supply and Demand Estimates report showed the U.S. ending stocks projection down 10.6 percent to 4.2 million bales, though world ending stocks slightly increased to 109.84 million bales. U.S. cotton production is still expected to total 16.08 million bales for 2014-2015, same as last month’s estimate. Export cotton sales were 88 percent lower than last week and 89 percent lower than the prior four-week average. Shipments reached another marketing-year high, up three percent from last week and 15 percent from the average.
Wheat settled a cent higher in both the cash and futures markets at $5.28 per bushel and $5.63 per bushel, respectively. The Texas Winter Wheat crop is 98 percent emerged, consistent with this time last year and the five-year average. Forty-four percent of the wheat crop remains in excellent or good condition, up two points from last week’s conditions. The world production estimate for wheat increased to 725 million metric tons, as reported by USDA. Projected U.S. ending stocks for wheat totaled 692 million bushels, up slightly from January’s prediction and 17 percent from last year’s estimate. Net export sales for wheat were up three percent from last week, but down three percent from the prior four-week average. Shipments were 15 percent lower than the previous week, but 16 percent higher than the weekly average.
Texas corn prices also were slightly higher with cash prices up to $4.20 per bushel and futures prices up to $3.87. USDA reported that U.S. corn ending stocks estimate for this harvest year was slightly lower at 1.8 billion bushels, but world production was higher at 189.64 million metric tons. Corn export sales were up 19 percent from last week, but down 17 percent from the four-week average. Export shipments were 13 percent lower than last week and nine percent lower than the average.
Most of the state recorded precipitation last week, with northeast Texas and parts of the Trans-Pecos region receiving a half-inch or more. Last week’s U.S. Drought Monitor for Texas showed some that drought conditions are slightly worse for the state, with nearly 57 percent of the state still in some stage of drought intensity, up 0.4 percent from last week. On the national level, drought conditions also worsened, with 52.49 percent of the U.S. experiencing abnormal dryness or some degree of drought, up almost three percent points from last week.
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.