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TDA Market Recap, Jan. 5, 2016

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Texas Department of Agriculture

Source: texasagriculture.gov

For the two-week holiday ending Jan. 2, 2016, Texas feeder cattle auction prices were not available, as reporting locations remained closed through the New Year. Wholesale Beef values were higher, with Choice Grade gaining $17.14 to close at $208.67 per cwt and Select Grade gaining $17.86 to close at $201.51 per cwt. For the time period Dec. 18-24, net sales of beef totaled 4,000 metric tons (MT) and were up noticeably from the previous week but down 18 percent from the prior four-week average. Increases were reported for South Korea, Mexico and Canada. Exports totaled 12,400 MT, which were down 21 percent from the previous week but up one percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.

Cotton prices were higher at the end of the holidays, with cash prices gaining 0.75 cents to close at 61.87 cents per pound. March futures prices were higher, gaining 0.81 cents to close at 63.97 cents per pound. Net upland sales totaled 106,700 round bales (RB) for 2015-2016 and were down ten percent from the previous week and 27 percent from the prior four-week average. Increases were reported for Vietnam, Mexico and Indonesia. Exports totaled 7,900 RB and were down 21 percent from the previous week and 19 percent from the prior four-week average. The primary destinations were Thailand, Indonesia and Turkey.

Wheat prices were lower at the end of the holidays, with cash prices losing $0.06 to close at $3.75 per bushel, and March futures prices losing $0.05 to close at $4.66 per bushel. Net sales totaled 363,500 MT for delivery in the 2015-2016 marketing year, which were down two percent from the previous week but up 11 percent from the prior four-week average. Increases were reported for Indonesia, Italy and Mexico. Exports totaled 253,800 MT and were down 38 percent from the previous week and 25 percent from the prior four-week average. The primary destinations were Italy, Mexico and Japan.

Corn prices were lower at the end of the holidays, with corn cash prices losing $0.08 to close at $3.62 per bushel, and March futures prices lost $0.07 to close at $3.59 per bushel. Net sales totaled 705,200 MT for 2015-2016 and were down 12 percent from the previous week and three percent from the prior four-week average. Increases were reported for Mexico, Japan and Peru.

This week’s U.S. Drought Monitor for Texas showed a slight worsening in drought conditions for the state, with 4.52 percent of Texas still in some stage of drought intensity. Additionally, none of the state remains in severe, extreme or exceptional drought. On the national level, drought conditions improved slightly, with 33 percent of the U.S. experiencing abnormal dryness or some degree of drought.

Week Ending Previous Previous
Texas Cash Markets: Jan. 2, 2016          Week            Year
Feeder Steers $/cwt 159.53 150.08 218.76
Fed Cattle $/cwt 134.12 N/A 162.00
Slaughter Lambs $/cwt 190.00 195.00 N/A
Slaughter Goats $/cwt 261.00 264.00 N/A
Cotton ¢/lb. 61.87 62.12 57.25
Grain Sorghum $/cwt 5.51 5.79                 7.40
Wheat $/bu. 3.75 3.92 6.29
Corn $/bu. 3.62 3.79 4.47
Futures Markets:
Feeder Cattle $/cwt 169.95 148.75 223.95
Fed Cattle $/cwt 133.00 120.15 165.68
Cotton ¢/lb. 63.97 63.69 59.58
Wheat $/bu. 4.66 4.82 6.17
Corn $/bu. 3.59 3.75 3.96
Lumber $/MBF 256.90 267.40 332.00

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.


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