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Agriculture & Outdoors


Texas Cash Market recap, Dec. 10


Texas Cash Market recap, Dec. 10


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December 21, 2011
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AUSTIN -- For the week ending Dec. 10, feeder cattle prices at selected Texas auctions were $5 lower to $2 higher per hundredweight with light receipts at most Panhandle locations because of the cold weather and snow. Texas direct feeder cattle sales were $2 lower to $3 higher, while Oklahoma City was $3 lower to $3 higher. Market fundamentals remain unchanged with tight supplies and continued good beef demand, for both export and domestic consumption. However, lower beef exports last week, lower beef prices and lower feeder cattle futures created some uncertainty, and the first winter storm of the season reminded buyers of the potential health issues with young, short-weaned calves. Fed cattle prices were lower following the decline in wholesale beef values. Cotton and grain prices were lower amid ongoing concerns about the European debt crisis, weak export demand and competition from cheaper foreign grain. Net export sales for cotton were negative as China exited the markets and cancellations more than offset new purchases. The U.S. Department of Agriculture (USDA) raised its projections for global corn production and lowered its wheat exports estimate, which contributed to the declines in grain prices.  . . .

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