TDA Market Recap, Oct. 12, 2015

Source: Texas Department of Agriculture
For the week ending Oct. 3, 2015, Texas auctions quoted feeder cattle prices $4 to $15 lower with instances of $2 to $15 higher. Wholesale beef values were lower, with Choice Grade losing $0.97 to close at $203.00 per cwt and Select Grade losing $1.16 to close at $197.89 per cwt. Net sales of 8,300 MT for 2015 were down 6 percent from the previous week and 31 percent from the prior 4-week average. Increases were reported for Japan, Mexico and South Korea. Exports of 11,600 MT were up 5 percent from the previous week and 12 percent from the prior 4-week average. The primary destinations were Hong Kong, Japan and South Korea.
Cotton cash prices were unchanged at the end of the week, closing at 59.62 cents per pound. October futures prices settled at 61.61 cents per pound, gaining 0.68 cents for the week. Net upland sales totaling 206,900 RB for 2015/2016 were up 76 percent from the previous week and up noticeably from the prior 4-week average. Increases were reported for Mexico, Vietnam and Turkey. Exports of 126,600 RB were up 80 percent from the previous week and 35 percent from the prior 4-week average. The primary destinations were Indonesia, Mexico and Turkey.
Wheat prices were lower at the close of last week with cash and futures prices both losing $0.02 to settle at $4.18 and $5.00 per bushel, respectively. Net sales of 288,200 metric tons for delivery in marketing year 2015/2016 were up noticeably from the previous week and 12 percent from the prior 4-week average. Increases were reported for Thailand, South Korea and the Philippines. Exports of 567,500 MT were unchanged from the previous week, but up 2 percent from the prior-4 week average. The primary destinations were Thailand, Japan and the Philippines.
Corn cash and futures prices were lower at the close of last week. Cash and futures prices both lost $0.11 to close at $3.92 per bushel and $3.83 per bushel, respectively. Net sales of 519,700 MT for 2015/2016 were down 31 percent from the previous week. Increases reported for Mexico, Panama and Bangladesh. Exports of 489,900 MT were down 40 percent from the previous week. The primary destinations were Mexico, Japan and Bangladesh. .
This week’s U.S. Drought Monitor for Texas showed a worsening drought conditions for the state, with 70.30 percent of Texas still in some stage of drought intensity, up 4.81 percentage points from last week. Additionally, 24.66 percent of the state remains in severe, extreme, or exceptional drought, up 24.66 percentage points from three months ago. On the national level, drought conditions improved slightly with 51.01 percet of the U.S. experiencing abnormal dryness or some degree of drought, down 4.08 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.