TDA Market Recap, Jan. 6, 2015

Source: Texas Department of Agriculture Market News
For the two-week period ending Jan. 3, 2015, Texas feeder cattle auction prices were not available due to reporting locations remaining closed through the holidays. Texas direct feeder cattle sales were steady to $3 higher. As of Dec. 28, fed cattle weekly cash sales were reported at $162 per hundredweight (cwt) for Texas, Oklahoma and New Mexico. Texas formula trades dropped three percent over the holiday break, but wholesale beef values experienced a sharp increase for both Choice and Select grades. Weekly export sales for Dec. 19-25 were up 31 percent from the previous week and four percent from the prior four-week average. Export shipments were down 31 percent from the previous week and 33 percent from the average.
Cotton prices were down from two weeks ago, with both cash and futures markets closing about two and a half cents lower at 57.25 and 59.58 cents per pound respectively. Export cotton sales were 72 percent lower than the previous week and 54 percent lower than the prior four-week average. Shipments were 16 percent lower than the previous week, but unchanged from the weekly average.
Wheat prices in Texas were not reported last week, but futures saw a 41 cent dip as of Jan. 2. Net export sales for wheat were up 21 percent from the prior week, but down eight percent from the four-week average. Shipments were down 61 percent from the previous week and 62 percent from the weekly average.
Texas corn prices also were unavailable, with futures closing 16 cents lower to start January. Corn export sales were down 46 percent from the previous week and 20 percent from the four-week average. Export shipments were 11 percent lower than the prior week and nine percent lower than the average.
All of the state recorded precipitation over the last two weeks, with majority of Texas experiencing a half-inch or more of rain. East Texas reported two plus inches of rainfall. As of Dec. 30, the U.S. Drought Monitor showed only a slight change for conditions in Texas, with nearly 66 percent of the state still experiencing some form of drought. Approximately 26 percent of the state remains in severe, extreme or exceptional drought, which is down four points from three months ago.
On the national front, approximately 47 percent of the United States is experiencing abnormal dryness or some degree of drought, down roughly three percent 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.