TDA Market Recap, Sept. 25, 2016

For the week ending Sept. 22, 2017, Texas feeder cattle auctions were mixed reporting prices steady to $10 lower with instances of steady to $2 higher. Texas Weekly Direct reported prices steady to $3 higher. Wholesale Beef values were lower at the end of the week, with Choice Grade losing 51 cents to end at $191.60 per hundredweight (cwt) and Select Grade losing 10 cents to end at $188.73 per cwt.
For the week of Sept, 11 – 17, 2017, the USDA NASS Field Office reported that producers were giving supplemental feed to livestock in the Cross Timbers, South Texas and the Lower Valley. Cattle and livestock condition remained good to fair across the state. Pastures were showing signs of drought stress in many areas of the state. Overall, pasture and range condition remained good to fair statewide.
For the time period of Sept. 8-14, 2017, U.S. exporters reported beef net sales totaling 12,500 metric tons (MT) and were down 15 percent from the previous week and 20 percent from the prior four-week average. Increases were reported primarily for Mexico, South Korea and Japan. Exports totaled 15,400 MT and were up 20 percent from the previous week, but down eight percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.
Cotton prices were lower at the close of last week with cash prices losing 0.50 cents to end at 68.50 cents per pound and October futures losing 0.89 cents to end at 69.09 cents per bushel. The USDA NASS Field Office reported that cotton bolls were opening in the Plains and the Trans-Pecos while harvest continued in the Blacklands, South East Texas and South Texas. Net sales totaled 219,900 running bales (RB) for 2017-2018, and were up noticeably from the previous week and 28 percent from the prior four-week average. Increases were reported primarily for Turkey, Vietnam and China. Exports totaled 175,700 RB and were up 62 percent from the previous week and eight percent from the prior four-week average. Exports were reported primarily to Vietnam, China and Mexico.
Wheat prices were higher at the close of last week with cash prices and December futures both gaining 8 cents to close at $3.85 per bushel and $4.50 per bushel, respectively. The USDA NASS Field Office reported that winter wheat seeding continued in the Plains. Wheat producers in some areas of the Southern Plains, the Cross Timbers, the Blacklands and the Trans-Pecos were waiting for higher soil moisture to start seeding the fields. Oats and wheat seeding continued in South Texas. Net sales totaled 307,200 MT and were down three percent from the previous week and 24 percent from the prior four-week average. Increases were reported for the Philippines, Mexico and Kenya. Exports totaled 427,700 MT and were down three percent from the previous week and down nine percent from the prior four-week average. The primary destinations were the Philippines, Mexico and Nigeria.
Corn prices were higher at the close of last week with cash prices gaining 5 cents to end at $3.55 per bushel and December corn futures gaining 6 cents to close at $3.54 per bushel. The USDA NASS Field Office reported that corn harvest continued in the Northern Plains and the Cross Timbers. Net sales totaled 526,900 MT and were reported primarily for Mexico, Japan and Colombia. Exports totaled 703,700 MT and were reported primarily to Mexico, Peru and Japan.
Grain Sorghum cash prices were higher at the close of last week gaining 9 cents to end at $5.49 per bushel. Net sales totaled 51,900 MT and resulted as increases for China. Exports totaled 72,200 MT and were reported to China and Mexico.
Milk prices were higher at the close of last week, with October Class III milk futures gaining 40 cents to end at $16.17 per cwt.
This week’s U.S. Drought Monitor for Texas showed worsening drought conditions for the state, with 20.73 percent of Texas still in some stage of drought intensity, up 13.18 percentage points from last week. Additionally, 0.35 percent of the state remains in severe, extreme, or exceptional drought, up 0.35 percentage points from three months ago. On the national level, drought conditions worsened slightly as well, with 36.86 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.12 percentage points from last week.

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.