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Texas Cash Market recap, Oct. 1
AUSTIN -- For the week ending Oct. 1, feeder cattle prices at Texas Panhandle auctions were mostly steady to $4 higher per hundredweight. San Angelo prices were firm and Oklahoma City was steady to $2 higher. Market influences remain unchanged as higher fed cattle prices, prospects for lower feeder supplies, drought and lack of grazing were all factors. Fed cattle prices were $4.87 higher and wholesale beef prices were mixed, with Choice beef lower and Select higher. Cotton and grain prices were lower amid ongoing concerns about how demand will hold up in a faltering global economy. Corn and wheat declined further on Friday after the U.S. Department of Agriculture reported higher-than-expected inventories in storage.
As for futures markets, feeder cattle and fed cattle were higher, while cotton, wheat, corn, and lumber were lower. Scattered showers fell over much of the state south of I-20 and east of I-45, with some locally heavy totals in excess of one inch. 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 95 percent mature and 75 percent of the crop has been harvested, both slightly ahead of the average for this date. Grain sorghum harvest was behind normal at 65 percent complete. Cotton bolls were opening on 80 percent of the acreage, well ahead of normal. Eighteen percent of the crop has been harvested, slightly behind 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 25 percent complete, well behind the average 49 percent, because of very dry conditions. Four percent of the acreage has emerged.
Texas Cash Markets for the week ending Oct. 1:
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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