TDA Market Recap, June 13, 2016

For the week ending June 10, 2016, Texas feeder cattle auctions reported prices steady to $5 higher, with instances of steady to $3 lower. Texas Weekly Direct reported prices steady to $3 higher. Wholesale Beef values were higher, with Choice Grade gaining $5.06 to close at $227.67 per hundredweight (cwt) and Select Grade gaining $5.94 to close at $204.30 per cwt.
For the time period of May 30 – June 5, 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 the Blacklands and East Texas were saturated, which delayed hay harvest and weed control.
Cotton prices were mixed at the end of last week, with cash prices remaining at 62.37 cents per pound and July futures prices losing 0.80 cents to close at 64.75 cents per pound. The USDA NASS Field Office reported that cotton planting was delayed in areas of the Low Plains due to wet conditions. Cotton progress was slowed by cool, wet conditions in South Central Texas and the Upper Coast.
For the time period of May 27-June 2, net upland sales totaled 110,100 round bales (RB) for 2015-2016, which were down 12 percent from the previous week and 19 percent from the prior four-week average. Increases were reported for Vietnam, China and Indonesia. Exports totaled 203,600 RB, which were down 14 percent from the previous week and seven percent from the prior four-week average. The primary destinations were Vietnam, Turkey and South Korea.
Wheat prices were lower at the end of last week, with cash prices and futures prices both losing $0.12 to close at $6.42 and $4.69 per bushel, respectively. The USDA NASS Field Office reported that heavy rains continued to delay wheat harvest across the state. Wheat producers reported hail and wind damage to wheat in areas of the Southern Low Plains. Winter wheat had been grazed out by livestock in areas of the Edwards Plateau. Net sales for the 2016-2017 marketing year totaled 223,800 MT. Increases were reported for Mexico, South Africa and Chile. Exports totaled 120,700 MT, with South Africa, Brazil, El Salvador, Colombia and Mexico being the primary destinations.
Corn prices were lower at the end of last week, with cash and futures prices both losing $0.04 to close at $4.19 and $4.23 per bushel, respectively. The USDA NASS Field Office reported that corn and sorghum were in good condition in areas of Southeast Texas. Net sales totaled 1,558,900 metric tons (MT) for 2015-2016, and were up 18 percent from the previous week and prior four-week average. Increases were reported for Japan, South Korea and Venezuela. Exports totaled 1,242,200 MT, which were up 65 percent from the previous week and 19 percent from the prior four-week average. The primary destinations were Mexico, Japan and Saudi Arabia. Grain sorghum cash prices were lower at the end of last week, with cash prices losing $0.07 to close at $6.42 per cwt.
Milk prices were higher at the close of last week, with June Class III milk futures gaining $0.03 to close at $13.25 per cwt.
This week’s U.S. Drought Monitor for Texas showed a slight increase in drought conditions for the state, with 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, with 31.82 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.