TDA Market Recap, Sept. 28, 2015

Source: TDA
For the week ending Sept. 26, 2015, Texas auctions quoted feeder cattle prices $4 to $12 lower. Wholesale beef values were lower, with Choice Grade losing $13.31 to close at $212.23 per cwt and Select Grade losing $10.35 to close at $209.80 per cwt. Net export sales for September 11-17 totaled 16,500 metric tons (MT). This is up 37 percent from the previous week and 36 percent from the previous four-week average. Increased purchases were reported for Japan, Hong Kong and South Korea. Export shipments of 12,300 MT were up 40 percent from the previous week and 25 percent from the prior four-week average. Shipment primarily went to Japan, South Korea and Hong Kong.
Cotton cash prices remained steady over the week closing at 58.62 cents per pound. October futures prices settled at 59.64 cents per pound, 0.11 cents lower than last week. For the reporting period of September 14 – 20, the USDA NASS Texas field office indicated that the cotton and soybean harvest experienced some delays in areas of the Lower Valley and South Texas due to wet field conditions. Cotton harvest is currently at 13 percent, which is three points behind previous year. Net Upland sales totaled 90,800 round bales (RB) for 2015-2016, which is down six percent from the previous week but up 18 percent from the prior four-week average. Increases were reported for Vietnam, Mexico and Turkey. Exports of 109,300 RB were up 84 percent from the previous week but down three percent from the prior four-week average. The primary destinations were Mexico, Indonesia and Vietnam.
Wheat cash prices were higher at the close of last week settling at $4.18 per bushel. Wheat futures prices also were higher gaining $0.09 to close at $5.00 per bushel. USDA NASS Texas field office reported that wheat seeding continued to progress, while some producers in areas of the High and Low Plains, the Cross Timbers and South Texas waited for soil moisture to improve. Seeding preparation for wheat and oats continued in other areas of the state. Net export sales for wheat were 282,800 MT, down 25 percent from the previous week and 23 percent from the prior four-week average. The top destinations were the Philippines, Japan and China. Exports of 614,900 MT were up 13 percent from the previous week and 27 percent from the prior four-week average. The primary destinations were China, Mexico and Colombia.
Corn cash and futures prices were higher at the close of last week. Cash prices gained $0.02 to close at $3.99 per bushel, and futures prices gained $0.04 to close at $3.89 per bushel. USDA NASS Texas field office reported that corn and sorghum continued to mature with harvest underway in areas of the High Plains and the Blacklands. Corn harvest is currently at 61 percent, five points behind previous year and three points behind normal. Corn net sales were 426,300 MT for delivery in 2015-2016 and down 20 percent from the previous week. Increases were reported primarily for Mexico, Colombia and Bangladesh. Exports of 795,400 MT were down one percent from the previous week. The primary destinations were Mexico, Japan and Colombia.
This week’s Drought Monitor for Texas showed worsening drought conditions for the state, with nearly 60 percent of Texas still in some stage of drought intensity, up 8.5 percentage points from last week. On the national level, drought conditions also worsened, with 54.81 percent of the U.S. experiencing abnormal dryness or some degree of drought.