TDA Market Recap, Nov. 17, 2015

Source: Texas Department of Agriculture
For the week ending Nov. 14, 2015, Texas auctions quoted feeder cattle prices $2 to $20 lower. Wholesale beef values were lower, with Choice Grade losing $7.15 to close at $209.30 per cwt and Select Grade losing $7.64 to close at $199.05 per cwt. For the period of Oct. 30 – Nov. 5, 2015, net sales of beef totaled 8,100 metric tons (MT) for 2015 and were up noticeably from the previous week and up 19 percent from the prior four-week average. Increases were reported for Mexico, South Korea and Japan. Exports totaled 13,300 MT and were up 10 percent from the previous week and prior four-week average. The primary destinations were Japan, Hong Kong and South Korea.
Cotton cash prices were lower at the end of the week, losing 0.01 cents to close at 60.37 cents per pound. December futures prices were lower as well, losing 0.22 cents to settle at 61.68 cents per pound. Net upland sales totaled 127,900 round bales (RB) for 2015-2016. This was down 13 percent from the previous week but up 32 percent from the prior four-week average. Increases were reported for Vietnam, Turkey and China. Exports of 71,100 RB were down 57 percent from the previous week and 21 percent from the prior four-week average. The primary destinations were Mexico, Turkey and Vietnam. For the time period of Nov. 2 – 8, the USDA NASS Field Office reported that the cotton harvest continued to make good progress in areas of the Plains and Trans-Pecos, as well as in areas of the Cross Timbers and Edwards Plateau, where conditions allowed. Cotton harvest is currently at 53 percent, 13 points above previous year and three points behind normal.
Wheat prices were lower at the close of last week, with cash and futures prices both losing $0.10 to settle at $3.83 and $4.64 per bushel, respectively. Net sales totaled 226,670 MT for delivery in the 2015-2016 marketing year. Sales were up noticeably from the previous week but down 38 percent from the prior four-week average. Increases were reported for the Philippines, Mexico and Israel. Exports totaled 239,300 MT, which is up 35 percent from the previous week but down 12 percent from the prior four-week average. The primary destinations were Nigeria, Mexico and Guatemala. The USDA NASS Field Office reported that winter wheat and oat development progressed as seeding continued. In areas of the Blacklands, heavy rainfall drowned out some wheat fields.
Corn prices were lower at the close of last week. Corn cash and futures prices both lost $0.05 to close at $3.72 per bushel and $3.62 per bushel, respectively. Net sales totaled 618,600 MT for 2015-2016 and were up 11 percent from the previous week and 17 percent from the prior four-week average. Increases were reported for Mexico, Japan and Colombia. Exports of 270,900 MT were down 45 percent from the previous week and 44 percent from the prior four-week average. The primary destinations were Mexico, Japan and El Salvador. Corn and sorghum harvest made progress in the areas of the High Plains. Corn harvest is currently at 87 percent, two points behind previous year and nine points behind normal.
This week’s U.S. Drought Monitor for Texas showed an improvement in drought conditions for the state, with about 10 percent of Texas still in some stage of drought intensity, down 12 percentage points from last week. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions also improved, with 45 percent of the U.S. experiencing abnormal dryness or some degree of drought, down three percentage points from last 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 TDA at 800-835-5832 or visit www.TexasAgriculture.gov.