For the week ending June 9, 2017, Texas feeder cattle auctions reported prices steady to $15 higher. Texas Weekly Direct reported prices $2 to $5 higher. Wholesale Beef values were higher at the end of the week, with Choice Grade gaining $2.86 to end at $251.21 per hundredweight (cwt) and Select Grade gaining 85 cents to end at $220.29 per cwt.
For the time period of May 29- June 4 the USDA NASS Field Office reported that livestock remained in good condition. Pasture conditions varied greatly throughout the state, depending on recent rainfall. In many areas, grasses continued to improve providing good grazing conditions. Pastures in East Texas were saturated, delaying hay harvest.
For the time period of May 26- June 1 exporters reported net sales of 13,800 metric tons (MT), which were up 15 percent from the previous week and 47 percent from the prior four-week average. Increases were reported primarily for Japan, Canada and South Korea. Exports totaled 12,400 MT and were down 16 percent from the previous week and 10 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.
Cotton prices were lower at the close of last week, with cash prices losing 0.75 cents to end at 73.75 cents per pound and July futures losing 0.62 cents to end at 75.69 cents per pound. The USDA NASS Field Office reported that Cotton planting was delayed in areas of the Low Plains and North East Texas due to wet conditions. Thrip infestations were detected in seeding cotton in the Northern High Plains. Net upland sales totaled 82,700 running bales (RB) and were down 26 percent from the previous week and 19 percent from the prior four-week average. Increases were reported primarily for Turkey, Vietnam and Indonesia. Exports totaled 316,100 RB and were down 15 percent from the previous week and 16 percent from the prior four-week average. The primary destinations were Turkey, India and Vietnam.
Wheat prices were higher at the close of last week with cash prices gaining 25 cents to end the week at $3.86 per bushel and July futures gaining 22 cents to end at $4.52 per bushel. The USDA NASS Field Office reported that wheat harvest was in full swing across the plains and nearing completion in areas of the Blacklands, Edwards Plateau, and South Central Texas. Heavy rains halted wheat harvest in areas of South Texas, but only a few areas remained to be harvested. Net sales for the 2017-2018 marketing year, which began June 1, totaled 461,000 MT. Increases were reported for Peru, Mexico and Italy. Exports for June 1 totaled 93,900 MT, with Peru, Thailand, Colombia and Guatemala being the primary destinations.
Corn prices were higher at the close of last week with cash and July futures both gaining 15 cents and both ending at $3.88 per bushel. The USDA NASS Field Office reported that corn planting was underway in the Northern Low Plains. Net sales totaled 348,600 MT and were down 15 percent from the previous week and 25 percent from the prior four-week average. Increases were reported for Saudi Arabia, Japan and China. Exports totaled 1,213,800 MT and were down 9 percent from the previous week, but up 4 percent from the prior four-week average. The primary destinations were Mexico, South Korea and Japan.
Grain Sorghum prices were higher at the close of last with cash prices gaining 26 cents to end at $5.77 per cwt. The USDA NASS Field Office reported that sorghum planting was underway in the Northern Low Plains.
Milk prices were lower at the end of last week, with June Class III milk futures losing 16 cents to end the week at $16.28 per cwt.
This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 16.57 percent of Texas still in some stage of drought intensity, down 17.93 percentage points from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions improved as well, with 16.96 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.35 percentage points from last week.
| Week Ending | Previous | Previous | ||
| Texas Cash Markets: | June 9, 2017 | Week | Year | |
| Feeder Steers | $/cwt | 154.05 | 148.87 | 141.57 |
| Fed Cattle | $/cwt | N/A | 136.70 | N/A |
| Slaughter Lambs | $/cwt | 187.00 | 195.00 | 184.00 |
| Slaughter Goats | $/cwt | 261.00 | 270.00 | 265.00 |
| Cotton | ¢/lb. | 73.75 | 75.00 | 62.12 |
| Grain Sorghum | $/cwt | 5.77 | 5.50 | 6.67 |
| Wheat | $/bu. | 3.86 | 3.64 | 3.78 |
| Corn | $/bu. | 3.88 | 3.73 | 4.31 |
| Futures Markets: | ||||
| Feeder Cattle | $/cwt | 154.17 | 158.72 | 137.42 |
| Fed Cattle | $/cwt | 131.25 | 130.82 | 116.72 |
| Cotton | ¢/lb. | 75.69 | 76.69 | 64.57 |
| Wheat | $/bu. | 4.52 | 4.33 | 4.61 |
| Corn | $/bu. | 3.88 | 3.73 | 4.38 |
| Lumber | $/MBF | 364.40 | 353.50 | 298.00 |
| Class III Milk | $/cwt | 16.28 | 16.52 | 13.21 |
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.