TDA Market Recap, Nov. 30, 2015
Source: Texas Department of Agriculture
For the week ending Nov. 28, 2015, Texas auctions quoted feeder cattle prices steady to $15 higher. Wholesale beef values were higher, with Choice Grade gaining $1.02 to close at $203.81 per cwt and Select Grade gaining $1.19 to close at $192.24 per cwt. Estimated cattle harvest for the week totaled 219,000 head, which is up 6,000 from last week but down 12,000 from last year.
Cotton cash prices were steady at the end of the week at 60.63 cents per pound. December futures prices were higher, gaining 0.44 cents to settle at 60.60 cents per pound. For the time period of Nov. 16- 22, the USDA NASS Field Office reported that the cotton harvest continued to progress in areas of the Plains and Cross Timbers, while cotton harvest is winding down in areas of the Trans-Pecos and Edwards Plateau. Cotton harvest is currently at 60 percent, five points above the previous year and 15 points behind normal.
Wheat prices were lower at the close of last week, with cash and futures prices both losing $0.07 to settle at $3.78 and $4.58 per bushel, respectively. The USDA NASS Field Office reported that winter wheat and oat seeding continued, with some delays experienced in areas of the Blacklands due to recent rainfall.
Corn prices were lower at the close of last week. Corn cash and futures prices both lost $0.03 to settle at $3.74 and $3.64 per bushel, respectively. The USDA NASS Field Office reported that corn and sorghum harvest are nearing completion. Corn harvest is currently at 93 percent, five points behind the previous year and six points behind normal.
This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with only 7.3 percent of Texas still in some stage of drought intensity, down 2.24 percentage points from last week. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved, with 38 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 5.16 percentage points from last week.
Additional information on agricultural weather, crop progress and agricultural markets can be found on the TDA Market News page.
| Week Ending | Previous | Previous | ||
| Texas Cash Markets: | Nov. 28, 2015 | Week | Year | |
| Feeder Steers | $/cwt | 167.48 | 177.87 | 235.10 |
| Fed Cattle | $/cwt | N/A | N/A | 173.00 |
| Slaughter Lambs | $/cwt | 220.00 | 195.00 | 219.00 |
| Slaughter Goats | $/cwt | 258.00 | 258.00 | 293.00 |
| Cotton | ¢/lb. | 60.63 | 61.12 | 59.00 |
| Grain Sorghum | $/cwt | 5.70 | 5.68 | 6.89 |
| Wheat | $/bu. | 3.78 | 3.76 | 5.89 |
| Corn | $/bu. | 3.74 | 3.73 | 4.26 |
| Futures Markets: | ||||
| Feeder Cattle | $/cwt | 164.67 | 163.65 | 235.95 |
| Fed Cattle | $/cwt | 130.25 | 129.70 | 166.45 |
| Cotton | ¢/lb. | 60.60 | 60.04 | 61.52 |
| Wheat | $/bu. | 4.58 | 4.57 | 6.27 |
| Corn | $/bu. | 3.64 | 3.63 | 3.76 |
| Lumber | $/MBF | 248.60 | 252.40 | 333.50 |
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.