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Texas Cash Market recap, Sept. 24
AUSTIN -- For the week ending Sept. 24, feeder cattle prices at Texas Panhandle auctions were mostly steady to $5 lower per hundredweight. Feeders were $1 to $3 lower at San Angelo and steady to $3 lower at Oklahoma City. Market influences remain unchanged as lower fed cattle, prospects for lower feeder supplies, drought and lack of grazing were all factors. Fed cattle prices were $1.42 lower and wholesale beef prices were lower. Cotton and wheat prices were lower amid continued weak export demand and ample world production. Corn prices declined due to ongoing questions about demand and pressure from increased harvest-time supplies. Cotton and grain supplies could again become a concern with drought reducing Texas cotton production and threatening the winter wheat crop. Corn also is still vulnerable with less than half the U.S. crop mature and only 18 percent harvested.
As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn, and lumber were all lower. Scattered showers fell over much of the state during the week with totals generally one-half inch or less. Topsoil moisture remains in mostly short to very short supply statewide. Most crops were again rated in fair to very poor condition, except rice, which was mostly good to fair. Corn was 88 percent mature and 69 percent of the crop has been harvested, both near the average for this date. Grain sorghum harvest was behind normal at 60 percent complete. Cotton bolls were opening on 73 percent of the acreage, well ahead of normal; and 17 percent of the crop has been harvested, equal to the average pace. Pastures were rated in 96 percent very poor to poor condition as supplemental feeding and reductions of livestock herds continue. Winter wheat seedings were 14 percent complete, well behind the average 34 percent because of the very dry conditions.
Texas Cash Markets for the week ending Sept. 24:
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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