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Texas Cash Market recap, Oct. 8
AUSTIN -- For the week ending Oct. 8, feeder cattle prices at Texas Panhandle auctions and San Angelo were steady to $2 higher per hundredweight. Feeder cattle prices in Oklahoma City were mostly $3 to $7 higher. Market influences remain unchanged as stable fed cattle prices, prospects for tighter feeder supplies, drought, and lack of grazing were all factors. Fed cattle prices were 17˘ higher and wholesale beef prices were higher, with Choice-grade beef posting the largest increase. Cotton was higher because of improved exports, renewed buying interest from China, and lower production in the United States and Pakistan. Corn and grain sorghum were higher, but wheat declined as U.S. exports sales struggle to compete with cheaper grain from the Black Sea region and beneficial rains on the U.S. Southern Plains boosted prospects for the winter wheat crop.
As for futures markets, cotton, corn, and lumber were higher while feeder cattle, fed cattle, and wheat were lower. Almost all of the state recorded rainfall during the week with the heaviest amounts falling in central, north-central, and southeast Texas. Crop condition and progress information are not available since the U.S. Department of Agriculture National Agricultural Statistics Service Texas field office was closed for the Columbus Day holiday.
Texas Cash Markets for the week ending Oct. 8:
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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