TDA Market Recap, May 23, 2016

Source: Texas Department of Agriculture
For the week ending May 20, 2016, Texas feeder cattle auctions reported prices steady to $5 higher. Texas Weekly Direct reported prices steady to $3 higher. Wholesale Beef values were mixed, with Choice grade gaining $3.56 to close at $225.96 per hundredweight (cwt) and Select grade losing 12 cents to close at $208.42 per cwt.
For the time period of May 9-15 the USDA NASS Field Office reported feral hog activity was observed in Northeast Texas. Livestock, range and pasture conditions were mostly good across the state.
For the time period of May 6-12 exporters reported net sales of 19,700 metric tons (MT) for 2016, up 46 percent from the previous week and 47 percent from the prior four-week average. Increases were reported for Japan, South Korea and Hong Kong. Exports totaled 13,500 MT, which were up 7 percent from the previous week and 12 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.
Cotton prices were mixed at the end of last week with cash prices losing 0.5 cents to close at 58.37 cents per pound and July futures prices gaining 0.68 cents to close at 61.67 cents per pound. Net upland sales totaled 189,400 round bales (RB) for 2015-2016, which were up 83 percent from the previous week and up noticeably from the prior four-week average. Increases were reported for Vietnam, Turkey and China. Exports totaled 232,900 RB, which were up 36 percent from the previous week and 4 percent from the prior four-week average. The primary destinations were Vietnam, China and Turkey.
Wheat prices were lower at the end of last week, with cash prices losing 3 cents to close at $3.67 per bushel and July futures prices losing 5 cents to close at $4.49 per bushel. The USDA NASS Field Office reported that winter wheat continued to progress well in many areas of the Southern High Plains, the Cross Timbers and the Edwards Plateau. Harvest was active in many areas of the Upper Coast. Net sales totaled 175,200 MT for delivery in marketing year 2015-2016, which were down 41 percent from the previous week and 37 percent from the prior four-week average. Increases reported for China, Japan and Brazil. Exports totaled 379,700 MT, which were down 15 percent from the previous week and 13 percent from the prior four-week average. The primary destinations were Japan, China and Mexico.
Corn prices were mixed at the end of last week with cash prices losing 2 cents to close at $3.90 per bushel and July futures gaining 1 cent to close at $3.95 per bushel.The USDA NASS Field office reported planting activities continued across the state. Corn in the Southern High Plains emerged, while corn conditions deteriorated in the Blacklands due to precipitation. Sorghum reached the heading stage in many parts of the Upper Coast and Coastal Bend. Net sales totaled 1,473,100 MT for 2015-2016, which were up 33 percent from the previous week and 13 percent from the prior four-week average. Increases were reported for Japan, Saudi Arabia and Mexico. Exports totaled 1,175,100 MT, which were up 3 percent from the previous week but down 1 percent from the prior four-week average. The primary destinations were Japan, Mexico and Taiwan.
Milk prices were higher at the close of last week, with May Class III milk futures gaining 8 cents to close at $12.82 per cwt.
This week’s U.S. Drought Monitor for Texas showed improving drought conditions for the state, with 2.6 percent of Texas still in some stage of drought intensity, down 7.35 percent from last week. Additionally, none of the state remains in severe, extreme, or exceptional drought. On the national level, drought conditions worsened slightly, with 30.42 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.45 percent from last week.

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.