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Agriculture Today


TDA Market Recap




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March 12, 2014 | 5,798 views | Post a comment

AUSTIN -- For the week ending March 1, Texas feeder cattle auctions reported prices mostly steady to $7 higher per hundredweight (cwt), with a few as much as $10 higher. However, a few lower prices also were noted early in the week. Texas direct feeder cattle prices were mostly steady. Fed cattle cash prices were $5.47 higher to a new record-high $150.16 per cwt. Wholesale beef values also were higher. Prices across the cattle sector remain strong as tight supplies and strong demand continue to support the market.

Wheat prices were lower for the week. However, the market showed some strength late as another strong cold front renewed concerns about freeze damage.

Corn and grain sorghum prices were higher, mostly because of spill-over support from other grains and soybeans, and the potential for increased exports due to the situation in Ukraine.

Weather

Most of the state recorded precipitation last week, but totals of one-half inch or more were limited to parts of South Texas and most of the area east of a line from Victoria to Austin to Paris. Last week’s U.S. Drought Monitor showed another decline in conditions in Texas, with the area of the state rated as abnormally dry or in drought up five percentage points to 93 percent, the highest reading since October 2013.

Percentages increased for all drought categories, with moderate and severe drought up the most. The drought-free areas in East Texas have almost disappeared and parts of South and West Texas remained drought-free.

Nationally, 54 percent of the contiguous states were reported in some degree of abnormal dryness or drought, up one point from a week ago.

Texas Cash Markets for the week ending March 1:

•Feeder steers, $166.03/cwt
•Fed cattle, $150.16/cwt
•Slaughter lambs, $192/cwt
•Slaughter goats, $240/cwt
•Cotton, 82˘/lb
•Grain sorghum, $8.04/cwt
•Wheat, $6.76/bu
•Corn, $5.02/bu
•Grapefruit, $13.25/carton
•Cabbage, $9.20/50 lbs.

Futures markets:
•Feeder cattle, $171.70/cwt
•Fed cattle, $151.95/cwt
•Cotton, 86.59˘/lb
•Wheat, $6.77/bu
•Corn, $4.58/bu
•Lumber, $350.00/1000 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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