For the week ending Oct. 3, 2015, Texas auctions quoted feeder cattle prices $4 to $20 lower. Wholesale beef values were lower, with Choice Grade losing $5.17 to close at $205.77 per cwt and Select Grade losing $8.06 to close at $201.36 per cwt. Net sales of 8,800 metric tons (MT) for 2015 were down 47 percent from the previous week and 32 percent from the prior four-week average. Increases were reported for South Korea, Mexico and Hong Kong. Exports of 11,000 MT were down 10 percent from the previous week but up seven percent from the prior four-week average. The primary destinations were Hong Kong, Japan and South Korea.
Cotton cash prices were higher at the end of the week, gaining 0.25 cents and closing at 58.87 cents per pound. October futures prices settled at 59.20 cents per pound, losing 0.60 cents for the week. Net upland sales totaling 117,300 round bales (RB) for 2015-2016 were up 29 percent from the previous week and 39 percent from the prior four-week average. Increases were reported for Turkey, Vietnam and Bangladesh. Exports of 70,500 RB were down 36 percent from the previous week and 39 percent from the prior four-week average. The primary destinations were Mexico, Turkey and South Korea.
Wheat prices were higher at the close of last week with cash and futures prices both gaining $0.03 to settle at $4.19 and $5.01 per bushel, respectively. Net sales of 77,100 MT for delivery in the 2015-2016 marketing year were down 73 percent from the previous week and 75 percent from the prior four-week average. This is a marketing year low. Increases were reported for Indonesia, Brazil and Colombia. Exports of 564,400 MT were down eight percent from the previous week but up three percent from the prior four-week average. The primary destinations were China, South Korea and Nigeria.
Corn cash and futures prices were higher at the close of last week. Cash prices gained $0.03 to close at $3.99 per bushel, and futures prices gained $0.02 to close at $3.89 per bushel. Net sales of 748,200 MT for 2015-2016 were up 76 percent from the previous week. Increases reported for Mexico, Egypt and Colombia.
This week’s Drought Monitor for Texas showed worsening drought conditions for the state, with 65 percent of Texas still in some stage of drought intensity. On the national level, drought conditions also worsened, with 55 percent of the U.S. experiencing abnormal dryness or some degree of drought.
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: | Oct. 3, 2015 | Week | Year | |
| Feeder Steers | $/cwt | 182.82 | 194.68 | 231.80 |
| Fed Cattle | $/cwt | 118.00 | n/a | 162.00 |
| Slaughter Lambs | $/cwt | 190.00 | 195.00 | 202.50 |
| Slaughter Goats | $/cwt | 251.00 | 250.00 | 224.00 |
| Cotton | ¢/lb. | 58.87 | 58.62 | 64.00 |
| Grain Sorghum | $/cwt | 6.15 | 6.14 | 5.64 |
| Wheat | $/bu. | 4.19 | 4.18 | 5.44 |
| Corn | $/bu. | 3.99 | 3.99 | 3.74 |
| Futures Markets: | ||||
| Feeder Cattle | $/cwt | 179.50 | 194.81 | 240.87 |
| Fed Cattle | $/cwt | 123.07 | 133.70 | 162.40 |
| Cotton | ¢/lb. | 59.20 | 59.64 | 63.07 |
| Wheat | $/bu. | 5.01 | 5.00 | 5.68 |
| Corn | $/bu. | 3.89 | 3.89 | 3.23 |
| Lumber | $/MBF | 221.40 | 216.60 | 349.20 |
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.