TDA Market Recap, June 8, 2015

Source: TDA
For the week ending June 6, 2015, Texas auctions quoted feeder cattle prices mostly steady, with instances of sales ranging from $2 lower to $10 higher per hundredweight (cwt). Texas weekly direct feeder cattle sales were mostly steady to $2 higher, with instances of $4 to $7 higher. Wholesale beef values were lower, with Choice Grade losing $10.34 to close at $244.65 per cwt and Select Grade losing $6.26 to close at $237.57 per cwt. Net export sales for May 22-28 were down 44 percent from the previous week. Export shipments were up seven percent from the previous week, and shipments primarily went to Japan, Hong Kong and South Korea.
Cotton cash prices were on par with the previous week and closed at 62.38 cents per pound. July futures prices settled at 64.01 cents per pound, 0.32 cents lower than last week. For the reporting period of May 25-31, the USDA NASS Texas field office noted that cotton planting was at 46 percent, which is 14 points behind the normal amount. This is due in part to the continued rainfall our state has received. Net export cotton sales were down nine percent from the previous week’s sales. Shipments were down 11 percent from the previous week and 10 percent from the average.
Wheat cash prices gained 25 cents to settle at $4.90 per bushel. Futures prices also gained 25 cents to settle at $5.35 per bushel. The USDA NASS Texas field office reported that 99 percent of the Texas wheat crop is in the heading stage, with 51 percent of the acreage in good-to-excellent condition. Eighty-three percent of the Texas Winter Wheat crop remains in fair-to-excellent condition. Net export sales for wheat were 364,000 MT. Shipments were 18 percent lower than the previous week but 12 percent higher than the average.
Texas corn prices were higher, with cash prices up to $3.90 per bushel and futures prices up to $3.61 per bushel. The USDA NASS Texas field office reported 78 percent of the planted Texas corn crop has emerged, which is 20 percentage points below this same point last year. Eighty-three percent of Texas corn acreage had been planted, which is up six percentage points from last week but down 17 percentage points from the same period last year. Corn export sales were down 29 percent from the previous week and 31 percent from the four-week average. Export shipments were 11 percent lower than the previous week and 13 percent lower than the average.
According to USDA NASS, most areas of the state, with the exception of far West Texas and a few scattered areas of the High Plains, recorded rainfall amounts from half an inch up to six inches. Last week’s U.S. Drought Monitor for Texas showed a significant improvement in drought conditions for the state, with only about nine percent of Texas still experiencing 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 43 percent of the U.S. experiencing abnormal dryness or some degree of drought.
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.