Texas Cash Market recap, July 9
AUSTIN -- For the week ending July 9, feeder cattle prices at Texas auctions were mostly $3 to $6 higher per hundredweight, with a few steady and a few to $10 higher. Tight supplies, lower feed grain prices over the past few weeks, and higher fed cattle contributed to the increase. Fed cattle prices were higher following increases in wholesale beef values and improved processor margins. Cotton cash prices were lower because of continued weak exports. Corn, grain sorghum, and wheat prices were higher amid generally strong exports and forecasts for hotter, drier weather in the Midwest.
As for futures markets, feeder cattle, fed cattle, wheat, corn, and lumber were higher while cotton was lower. Widely scattered showers fell over much of the state during the week with amounts ranging from a trace to more than an inch in some locations. Wheat harvest was nearing completion and ahead of the normal 92 percent with the crop rated in mostly very poor to poor condition. Corn was 61 percent silked and 24 percent of the acreage was rated mature. Grain sorghum planting was nearing completion with 60 percent of the crop rated mature and 27 percent harvested. Cotton was squaring on 50 percent of the acreage and 15 percent was setting bolls. Most crops remained in fair to very poor condition with condition indexes well below where they were at this time last year. Pastures were rated in mostly very poor to poor condition as supplemental feeding and reductions of livestock herds continue.
Texas Cash Markets for the week ending July 9:
•Feeder steers, $143.79/cwt
•Fed cattle, $114.83/cwt
•Slaughter goats, $161/cwt
•Grain sorghum, $10.53/cwt
Futures markets:•Feeder cattle, $143.60/cwt
•Fed cattle, $114.65/cwt
•Lumber, $248.80/1000 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.