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Texas Cash Market recap, Nov. 19
AUSTIN -- For the week ending Nov. 19, feeder cattle prices at selected Texas auctions were mostly steady to $5 higher per hundredweight, with a few to $5 lower. Oklahoma City was mostly steady to $3 higher and Texas direct feeder cattle sales were mostly steady. Competition for a shrinking supply of available cattle continues to support the market. Fed cattle prices declined by $2.19 from last week’s record high, as packers were able to recapture some of last week’s gains and reduce their losses. Beef cut-out values were higher with Choice beef reaching a new record high. Cotton and grain prices were lower mostly because of the ongoing global economic uncertainty and weak grain exports. Cotton prices fell below 90 cents per pound for the first time since September 2010 as strong exports failed to offset concerns that demand will suffer.
As for futures markets, feeder cattle, and lumber were higher while fed cattle, cotton, corn, and wheat were lower. Areas south and east of a line from about Del Rio to Fort Worth recorded rainfall last week ranging from a trace to more than two inches. Topsoil moisture remains in mostly short to very short supply, and most crops remain in fair to very poor condition, except grain sorghum and wheat, which were mostly good to very poor. Grain sorghum harvest was 89 percent complete, slightly ahead of average. Cotton was 82 percent harvested, well ahead of normal. Winter wheat seedings were 91 percent complete and 63 percent of the crop has emerged, well behind the normal 79 percent because of the very dry conditions. Peanut harvest is 91 percent complete. Citrus fruit, sugarcane, spinach, cabbage, and pecan harvests are also underway. Pastures were rated in 90 percent very poor to poor condition.
Texas Cash Markets for the week ending Nov. 19:
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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