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Texas Cash Market recap, Oct. 29
AUSTIN -- For the week ending Oct. 29, feeder cattle prices at select Texas auctions were steady to $5 higher per hundredweight. Oklahoma City feeder cattle prices were mostly steady. Texas direct feeder cattle sales were steady to $2 higher. Competition for a smaller supply of available cattle continues to support the market though prospects for diminished winter grazing are also limiting demand. Fed cattle prices were modestly higher and wholesale beef cut-out values were higher. Cotton prices were higher based on strong weekly export sales and optimism that demand will recover along with the global economy. Grain prices were higher on prospects for improved global demand. The very dry conditions on the U.S. Southern Plains added to gains for wheat, but continued poor export demand limited the increase.
As for futures markets, cotton, wheat, corn, and lumber were higher, while feeder cattle and fed cattle were lower. Parts of the Panhandle, north Texas, and southeast Texas recorded an inch or more of precipitation while little or no rain was reported elsewhere in the state. Topsoil moisture remains in mostly short to very short supply. Most crops were again rated in fair to very poor condition, except grain sorghum and wheat, which were mostly good to poor. Corn was 97 percent harvested, ahead of the average for this date. Grain sorghum harvest was near normal at 78 percent complete. Cotton bolls were opening on 95 percent of the acreage and 47 percent of the crop has been harvested, both ahead of the average pace. Winter wheat seedings were 74 percent complete, behind the average 82 percent because of very dry conditions, and 39 percent of the acreage has emerged. Peanut harvest is 60 percent complete. Citrus fruit and sugarcane harvest are also underway in the Lower Rio Grande Valley. Pastures were rated in 89 percent very poor to poor condition.
Texas Cash Markets for the week ending Oct. 29:
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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