Texas Cash Market recap, June 4
AUSTIN -- For the week ending June 4, feeder cattle price trends at Texas auctions were mixed, from $6 lower to $5 higher. Poor pasture conditions, tight cattle supplies, steady fed cattle markets, and fluctuating grain prices were again the primary influences on markets. Fed cattle prices were unchanged. Cotton prices increased because of ongoing concerns that drought in Texas and other parts of the Cotton Belt will reduce 2011 production. Grain prices declined early in the week after Russia announced it intends to resume wheat exports after July 1. Prices rebounded later in the week because of dry conditions in winter wheat areas and planting delays in the eastern Corn Belt.
As for futures markets, feeder cattle, fed cattle, and cotton were higher, while wheat, corn, and lumber were lower. Very little rainfall was recorded anywhere in the state during the week with amounts mostly less than one-half inch in parts of northeast Texas, the Panhandle, and far West Texas. Topsoil moisture was rated mostly short to very short, though adequate moisture was noted in areas that have received recent rains. Winter wheat harvest was slightly ahead of normal at 24 percent complete with the crop rated in mostly very poor to poor condition. Cotton was 83 percent planted, with 12 percent squaring and 7 percent setting bolls. Corn planting was nearing completion and 39 percent was silking. Grain sorghum was 77 percent planted and 51 percent of the acreage was headed. Cotton, corn, grain sorghum, and peanuts were rated in mostly fair condition. Pastures were rated in mostly very poor to poor condition with supplemental feeding and culling of herds necessary in many areas due to the deepening drought.
Texas Cash Markets for the week ending June 4:
•Feeder steers, $132.80/cwt
•Fed cattle, $103.97/cwt
•Slaughter lambs, $164/cwt
•Slaughter goats, $199/cwt
•Onions, $11.50/50 lbs
Futures markets:•Feeder cattle, $124.25/cwt
•Fed cattle, $104.17/cwt
•Lumber, $227/1000 bd ft.
The cash prices above are market averages for locations covered by the TDA Market News program and do not reflect any particular sale at any specific location.
Feeder cattle prices are for 500-600 pound medium and large No. 1 steers. Futures prices are quoted for the nearest month contract on the last trading day of the week.
For more information, contact TDA Market News at 1-800-252-3407 or visit the website, http://www.tdamarket news.com, also available from “Links” at http://www.wilson countynews.com.