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Agriculture Today


TDA market recap: Feb. 15




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February 26, 2014 | 5,696 views | Post a comment

AUSTIN -- For the week ending Feb. 15, Texas feeder cattle auctions reported prices mostly steady to $10 higher per hundredweight (cwt), with the market generally stronger later in the week. A number of locations reported smaller than usual receipts as inclement weather limited cattle movement. Texas direct feeder cattle prices were mostly steady. Fed cattle cash prices were $1 higher in spite of lower wholesale beef values. Prices across the cattle sector remain at historically high levels as tight supplies and strong demand continue to support the market.

Corn and grain sorghum prices were unchanged to modestly higher due to strong export data and lower than expected United States and world projected ending stocks.

Wheat prices were higher due to ongoing concerns about possible winter freeze damage on the U.S. Plains.

Weather

Areas of East Texas received one-half inch or more of precipitation during the week, but little or no moisture was recorded elsewhere in the state. Last week’s U.S. Drought Monitor showed further deterioration in conditions in Texas, with the area of the state rated as abnormally dry or in drought up three points to nearly 88 percent. The areas rated in moderate, severe, and extreme drought increased and the percentage in exceptional drought remained unchanged. The drought-free area in East Texas was smaller, though conditions did show some improvement in the far northeast corner of the state.

Nationally, 55 percent of the contiguous states were reported in some degree of abnormal dryness or drought, down one point from a week ago.

Texas Cash Markets for the week ending Feb. 15:

•Feeder steers, $163.68/cwt
•Fed cattle, $142.11/cwt
•Slaughter lambs, $175/cwt
•Slaughter goats, $245/cwt
•Cotton, 83˘/lb
•Grain sorghum, $7.82/cwt
•Wheat, $6.79/bu
•Corn, $4.89/bu
•Oranges, $12.60/carton
•Grapefruit, $13.65/carton
•Cabbage, $12.00/50 lbs
•Pine Saw Logs, $172.63/1000 bd ft.
•Pine Pulpwood, $7.63/ton
Futures markets:
•Feeder cattle, $170.47/cwt
•Fed cattle, $142.60/cwt
•Cotton, 87.55˘/lb
•Wheat, $6.75/bu
•Corn, $4.45/bu
•Lumber, $362.40/1000
bd ft.

All cash prices above are market averages for locations covered by the U.S. Department of Agriculture 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 the Texas Department of Agriculture at 800-835-5832 or visit www.TexasAgriculture.gov.
 

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