TDA Market Recap, May 4, 2015

For the week ending May 2, 2015, Texas auctions quoted feeder cattle prices mostly steady, with instances of sales ranging from $2 lower to $3 higher per hundredweight (cwt). Texas weekly direct feeder cattle sales were $4 to $7 higher. Wholesale beef values were lower with Choice Grade losing $2.35 to $254.64 per cwt and Select Grade falling $4.40 to $243.22. Net export sales for April 17-23 were down 38 percent from the previous week. Export shipments were down seven percent from the previous week.
Cotton cash prices were 0.75 cents higher than the previous week, closing at 63.38 cents per pound. May futures prices rose 0.35 cents last week to settle at 66.85 cents per pound. The USDA NASS Texas field office noted that cotton planting remained active in areas of the Northern Plains for the reporting period of April 20-26. Net export cotton sales were 14 percent lower than the previous week’s sales. Shipments were down 12 percent from the previous week and 11 percent from the average.
Wheat cash and futures prices lost $0.11 and $0.10, respectively to close at $4.55 per bushel and $4.92 per bushel, respectively. The USDA NASS Texas field office reported that 60 percent of the Texas wheat crop is in the heading stage, with 52 percent of the acreage in good to excellent condition. Eighty-five percent of the Texas Winter Wheat crop remains in fair to excellent condition. Net export sales for wheat were up noticeably from last week and the prior four-week average. Shipments were nine percent higher than the previous week and 47 percent higher than the average.
Texas corn prices were lower with cash prices down to $3.87 per bushel and futures prices down to $3.60 per bushel. The USDA NASS Texas field office reported that 49 percent of the planted Texas corn crop has emerged, down from 54 percent at the same point last year. Fifty-six percent of Texas corn acreage has been planted, up five percentage points from last week but down seven percentage points from the same period last year. Corn export sales were down four percent from last week but up 33 percent from the four-week average. Export shipments were 22 percent higher than last week and 35 percent higher than the average.
Areas of the Blacklands and South Central Texas received up to 8 inches of rain, while the Southern High Plains and the Trans Pecos regions reported totals from a quarter to a half inch. Last week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with just over 41 percent of the state still in some stage of drought intensity, down 3.4 percentage points from the previous week. Additionally, almost 15.9 percent of the state remains in severe, extreme or exceptional drought, down 6.1 percentage points from the previous week and more than eight percentage points from three months ago. On the national level, drought conditions improved with more than 53 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.13 percentage points from the previous 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 800-835-5832 or visit www.TexasAgriculture.gov.
Read more: TexasAgriculture.gov.