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Texas Cash Market recap, Nov. 26
AUSTIN -- For the week ending Nov. 26, feeder cattle prices at selected Texas auctions were mostly steady. Oklahoma City was mostly steady to $5 higher per hundredweight, though a few were $2 lower. Texas direct feeder cattle sales were mostly steady to $3 higher. Competition for a shrinking supply of available cattle continues to support the market. Fed cattle prices were higher as processors had to increase bids for a smaller cattle supply. Beef values were also higher with Choice beef remaining at a near-record high level. Cotton and grain prices were lower as the ongoing global economic uncertainty led to concerns that demand will suffer.
As for futures markets, fed cattle were higher while feeder cattle, cotton, wheat, corn, and lumber were lower. Much of the state, except for South Texas, recorded rainfall last week with the heaviest amounts mostly east of I-35 and north of I-10. Topsoil moisture remains in mostly short to very short supply, though areas with adequate supplies have expanded following the recent rains. Cotton was rated in mostly fair to very poor condition, with 93 percent of the crop harvested, compared to 75 percent on average by this date. Grain sorghum harvest was 93 percent complete, equal to the normal pace. Winter wheat seedings were 94 percent complete and 74 percent of the acreage has emerged. The crop was reported in mostly good to poor condition. Peanut harvest is 97 percent complete. Citrus, spinach, cabbage, and pecan harvests also are underway. Pasture conditions improved somewhat, though 84 percent of the acreage remains in very poor to poor condition.
Texas Cash Markets for the week ending Nov. 26:
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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