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Agriculture Today


Texas Cash Market recap, Oct. 21


Texas Cash Market recap, Oct. 21


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November 2, 2011
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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.  . . .

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