Texas Cash Market recap, July 2
AUSTIN -- For the week ending July 2, feeder cattle prices at Texas auctions were mostly steady to $8 higher per hundredweight. Lower feed grain prices and higher fed cattle contributed to the increase. Fed cattle prices were modestly higher following increases in wholesale beef. Cotton cash prices were lower because of higher than expected planted acreage and continued weak exports, but losses were limited by the declining prospects for this year’s crop. Corn, grain sorghum, and wheat prices ended the week lower after U.S. Department of Agriculture reported larger than expected corn planted acres and higher stocks of grain in storage.
As for futures markets, feeder cattle and lumber were higher while fed cattle, cotton, wheat, and corn were lower. Hurricane Arlene brought rain to much of South Texas with some locations receiving in excess of three inches. Parts of Northeast Texas recorded more than two inches of rain while widely scattered showers fell in other areas of the state. Topsoil moisture was in mostly adequate to surplus supply in the Lower Rio Grande Valley and mostly short to very short elsewhere. Wheat harvest was 98 percent complete, well ahead of the normal 83 percent with the crop rated in mostly very poor to poor condition. Corn was 60 percent silked with 13 percent rated mature. Grain sorghum planting was 95 percent complete with 51 percent of the crop rated mature. Cotton was squaring on 41 percent of the acreage and 14 percent was setting bolls. Most crops were rated in fair to very poor condition with condition indexes well below where they were at this time last year. Pastures remain in mostly very poor to poor condition as supplemental feeding and reductions of livestock herds continue.
Texas Cash Markets for the week ending July 2:
•Feeder steers, $138.42/cwt
•Fed cattle, $112.44/cwt
•Slaughter lambs, $140/cwt
•Slaughter goats, $171/cwt
Futures markets:•Feeder cattle, $140.47/cwt
•Fed cattle, $112.85/cwt
•Lumber, $244/1000 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.