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Texas Cash Market recap, Sept. 3
AUSTIN -- For the week ending Sept. 3, feeder cattle prices at Oklahoma City were mostly steady to $3 higher per hundredweight, with Texas Panhandle auctions and direct sales to feedlots steady to $4 higher. Higher fed cattle and the likelihood for lower supplies this fall remain supportive, though the drought and lack of grazing continue to pressure markets. Fed cattle prices were 50 cents higher per hundredweight in spite of lower wholesale beef prices. Cotton prices were higher for the week on better-than-expected export sales, the drought and potential for crop damage in the southeastern U.S. due to Tropical Storm Lee. Corn prices were lower, mostly due to weak exports and profit taking on the underlying futures market. Wheat prices were higher because of concerns about spring wheat yields and worries that the drought will prevent winter wheat seedings this fall.
As for futures markets, feeder cattle, fed cattle, cotton, and lumber were higher, while corn and wheat were lower. Parts of East Texas and the central Panhandle reported an inch or more of rain, but little or no rain fell elsewhere in the state. Crop progress and condition information are unavailable due to technical difficulties in obtaining the data from the U.S. Department of Agriculture.
Texas Cash Markets for the week ending Sept. 3:
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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