Texas Cash Market recap, Nov. 12
AUSTIN -- For the week ending Nov. 12, feeder cattle prices at select Texas auctions were steady to $10 higher per hundredweight. Oklahoma City was steady to $3 higher and Texas direct feeder cattle sales were steady to $4 higher. Competition for a smaller supply of available cattle continues to support the market. Fed cattle prices averaged a record high $125 per hundredweight, up nearly $6 from a week earlier as the Choice beef cut-out value also reached a new record high. Cotton prices increased after weekly export sales came in at nearly 1 million bales, the highest since October 2003. Grain prices were lower amid continuing global economic uncertainty, sluggish exports and reports that some U.S. livestock feeders are importing cheaper feed-grade wheat.
As for futures markets, cotton was higher while feeder cattle, fed cattle, corn, wheat, and lumber were lower. Most of the eastern three-fourths of Texas recorded rainfall during the week, with scattered locations in the north, east, and south reporting an inch or more. 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 very poor. Corn was completed ahead of the normal date. Grain sorghum harvest was 85 percent complete, slightly ahead of average. Cotton was 78 percent harvested, well ahead of normal. Winter wheat seedings were 88 percent complete and 56 percent of the crop has emerged, well behind the normal 74 percent because of the very dry conditions. Peanut harvest is 84 percent complete. Citrus fruit, sugarcane, spinach, cabbage, and pecan harvest are also underway. Pastures were rated in 91 percent very poor to poor condition.
Texas Cash Markets for the week ending Nov. 12:
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.