TDA Market Recap, Jan. 25, 2016

For the week ending Jan. 22, 2016, Texas feeder cattle auction reported prices $2 to $15 lower with one instance of $2 higher per hundredweight (cwt). Wholesale Beef values were lower, with Choice Grade losing $5.10 to close at $224.83 per cwt and Select Grade losing $3.02 to close at $220.68 per cwt. For the time period of January 8-14, 2016, exporters reported net sales of 8,300 metric tons (MT). Increases were reported for South Korea, Canada and Taiwan. Exports totaled 9,800 MT and were primarily sent to Japan, South Korea and Hong Kong.
Cotton prices were lower at the end of last week, with cash prices losing 0.25 cents to close at 61.00 cents per pound. March futures prices were lower, losing 0.02 cents to close at 62.45 cents per pound. Net upland sales totaled 194,000 round bales (RB) for 2015-2016 and were up noticeably from the previous week and 63 percent from the prior four-week average. Increases were reported for South Korea, Turkey and Pakistan. Exports totaled 8,700 RB and were up 62 percent from the previous week and 51 percent from the prior four-week average. The primary destinations were China, Pakistan and India.
Wheat prices were mixed at the end of last week, with cash prices gaining $0.04 to close at $3.86 per bushel. March futures prices lost $0.02 to close at $4.71 per bushel. Net sales totaled 362,000 MT for delivery in marketing year 2015-2016 and were up 32 percent from the previous week and 33 percent from the prior four-week average. Increases were reported for Mexico, Japan and the Philippines. Exports totaled 257,700 MT and were down 53 percent from the previous week and 31 percent from the prior four-week average. The primary destinations were Japan, Guatemala and Mexico.
Corn prices were higher at the end of last week, with corn cash prices gaining $0.05 to close at $3.76 per bushel and March futures prices gaining $0.02 to close at $3.70 per bushel. Net sales totaled 1,157,700 MT for 2015-2016 and were up noticeably from the previous week and up 91 percent from the prior four-week average. Increases were reported for Japan, Mexico and Columbia. Grain sorghum cash prices were lower, dropping $0.04 to close at $5.72 per cwt. Net sales totaled 210,700 MT for 2015-2016 and were reported for China and Mexico. Exports totaled 105,700 MT and were down 61 percent from the previous week and 46 percent from prior four-week average. The destinations were China and Mexico.
This week’s U.S. Drought Monitor for Texas showed steady drought conditions around the state, with only 1.69 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 25.90 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 our website, www.TexasAgriculture.gov.