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Texas Cash Market recap, Oct. 21
AUSTIN -- For the week ending Oct. 21, feeder cattle prices at Texas Panhandle auctions were steady to $6 higher per hundredweight. San Angelo was $2 to $4 higher and Oklahoma City was steady to $8 higher. Texas direct feeder cattle sales were steady to $2 higher. Market influences remain unchanged as historically high fed cattle markets, prospects for tighter feeder supplies, the drought, and lack of grazing were again factors. Fed cattle prices were almost $1.50 higher. Recent reports have indicated that feedlot margins remain negative as high input costs have more than offset higher fed cattle prices. Wholesale beef cut-out values were lower on Choice and higher on Select-grade beef. Cotton cash prices declined as weekly export sales came in lower than expected, adding to concerns that demand will suffer if the global economy falters. Wheat prices were higher amid concerns that the very dry conditions will hamper planting and growth of the winter wheat crop. Corn and grain sorghum were higher with support from a cheaper dollar versus other currencies, and favorable export shipments.
As for futures markets, fed cattle, wheat, and corn were higher, while feeder cattle, cotton, and lumber were lower. Weather, crop progress, and crop condition information were not yet available when this week’s report was prepared. The latest U.S. Drought Monitor showed very little change with all of the state still suffering from some degree of drought and 73 percent in the worst category of exceptional drought. The National Weather Service’s long-range forecast calls for warmer and drier weather in Texas during December, January, and February.
Texas Cash Markets for the week ending Oct. 21:
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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