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Texas Cash Market recap, July 16
AUSTIN -- For the week ending July 16, feeder cattle prices at Texas auctions were mixed, with sales early in the week mostly $3 to $6 higher per hundredweight and later-week sales mostly steady to $7 lower. Declines in fed cattle and futures markets contributed to the decrease. Fed cattle prices were $4 lower in spite of modestly higher wholesale beef values. Cotton cash prices declined because of continued weak exports and concerns about future demand. Corn and grain sorghum prices were higher amid forecasts for much hotter weather in the Midwest just as corn is beginning to pollinate. Wheat prices increased following a favorable supply and demand report.
As for futures markets, wheat, corn, and lumber were higher while fed cattle, feeder cattle, and cotton were lower. Widely scattered showers fell over much of the state during the week with amounts in excess of 4 inches reported in parts of the Panhandle and Southeast Texas. Wheat harvest was completed. Corn was 56 percent in dough-stage and 46 percent of the acreage was rated mature, well ahead of normal. Grain sorghum planting was completed with 71 percent of the crop headed and 36 percent harvested, both ahead of the average pace. Cotton was squaring on 64 percent of the acreage and 20 percent was setting bolls, both slightly behind normal. 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 16: see paired file.
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.
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