Texas Cash Market recap, Aug. 13
AUSTIN -- For the week ending Aug. 13, feeder cattle price trends at Texas auctions were uneven, mostly $1 to $4 lower per hundredweight, with some locations as much as $9 lower and some to $7 higher. High drought-related volumes at many locations along with hot weather and lack of grazing continue to pressure markets, though higher fed cattle and beef prices were supportive. Fed cattle prices were $3 higher following solid gains in wholesale beef prices due to moderating temperatures in parts of the country; the upcoming Labor Day holiday; and strong beef exports. Cotton prices were lower after the U.S. Department of Agriculture (USDA) production forecast came in higher than expected. Prospects for larger crops in China, India, and Pakistan more than offset a smaller, drought-reduced U.S. crop. Corn prices were higher following a lower than expected USDA production forecast.
As for futures markets, feeder cattle, fed cattle, wheat, corn, and lumber were higher, while cotton was lower. Scattered showers fell in northeast Texas and most of the state west of I-35, with some locations from Fort Worth to Abilene, around Del Rio and south of Fort Stockton, recording 2 inches or more. Corn acreage was 62 percent mature and 49 percent of the crop has been harvested, both ahead of normal for this date. Grain sorghum was 85 percent headed and 51 percent of the crop has been harvested, ahead of the average pace. Cotton was setting bolls on 90 percent of the acreage, and 10 percent of the crop has been harvested, both higher than the average. Most crops were reported in fair to very poor condition, with ratings well below where they were at this time last year. Pastures improved in areas that have received rain, but 96 percent 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. 13:
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.