TDA Market Recap, Oct. 28, 2013

Source: Texas Department of Agriculture
For the week ending Oct. 26, 2013, Texas fed cattle cash prices set a new record high of $132.30 per hundredweight (cwt). Shrinking supplies of market-ready cattle were the primary reason for the increase. Feeder cattle prices reported by Texas auctions were steady to $10 higher per cwt as the higher fed cattle market worked its way down the supply chain. Grain prices were much lower than they were at this time last year, and smaller feeder supplies also contributed to the increase.
Texas direct feeder cattle sales were mostly steady. Wholesale beef values were higher, but still well below the records set in May. Beef export sales for the week ending Oct. 3, the most recent available, were lower compared to both the previous week and the prior four-week average, but shipments were higher.
Cotton prices were lower as the advancing harvest continues to put additional supplies of new-crop cotton on the market. Weak export sales, which were down 32 percent from the previous week and 52 percent lower than the prior four-week average, contributed to the decline. Wheat prices were lower due to favorable weather in the U.S., beneficial rains in areas of Argentina and the possibility of higher exports from India. Weekly export sales were down from both the previous week and the average, but still more than double the average needed to meet USDA projections for the marketing year.
Corn prices also were lower as the advancing harvest continues to put more new-crop grain on the market. Ongoing reports of better than expected yields also added to the pressure. Weekly corn export sales were up 73 percent from the previous week, 75 higher than the prior four-week average and about four times higher than the weekly average needed to meet projections for the marketing year.
Most of the state east of a line from Childress to Rio Grande City recorded rainfall during the week, with the heaviest totals in the Coastal Bend, east of I-35 and north of I-10. More details on agricultural weather and crop conditions are available in the weekly USDA NASS “Texas Crop Progress and Condition” report at www.texasagriculture.gov.

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 500-600 pound medium and large No.1 steers at the Oklahoma City National Stockyards. 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 our website, www.TexasAgriculture.gov.