Texas Cash Market recap, Aug. 6
AUSTIN -- For the week ending August 6, feeder cattle prices at Texas auctions were uneven, with some locations steady to $3 higher per hundredweight and others $2 to $3 lower. High drought-related volumes at some locations, hot weather, and lack of grazing continue to pressure markets, though higher fed cattle were supportive. Fed cattle prices were higher as packers rebuilt supplies following several weeks of relatively light purchases. Cotton prices were lower as prospects for larger crops in China, India, and Pakistan more than offset expectations for a smaller drought-reduced U.S. crop. Corn was higher on concerns about damage in the Corn Belt due to the high temperatures during July.
As for futures markets, fed cattle, wheat, and corn were higher, while feeder cattle, cotton, and lumber were lower. Scattered showers fell in East and West-Central Texas and in the Panhandle, with amounts in excess of 1 inch recorded in parts of the upper Panhandle. Corn acreage was 58 percent mature and 44 percent of the crop has been harvested, both ahead of normal for this date. Grain sorghum was 79 percent headed and 48 percent of the crop has been harvested, ahead of the average pace. Cotton was setting bolls on 79 percent of the acreage and bolls were opening on 14 percent complete, both higher than the average. Most crops were reported in fair to very poor condition with condition indexes mostly lower than a week ago and well below where they were at this time last year. Pastures improved in areas that have received rain, but remain in mostly very poor to poor condition statewide as supplemental feeding and reductions of livestock herds continue.
Texas Cash Markets for the week ending Aug. 6:
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.