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Agriculture Today


Texas Cash Market recap, Jan. 28


Texas Cash Market recap, Jan. 28


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February 8, 2012
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AUSTIN -- For the week ending Jan. 28, feeder cattle prices at the Texas locations covered by the U.S. Department of Agriculture (USDA) Market News were mostly steady to $5 higher per hundredweight, with a few to $10 higher. Texas direct feeder sales were steady to $4 higher. Oklahoma City was mostly $2 to $4 higher on feeder cattle, steady to $4 lower on steer calves and $1 to $4 higher on heifer calves. Buyers continue to actively pursue available cattle with prices pushed higher on concerns that future supplies will be even tighter. Fed cattle cash prices were $2 lower in light trade after wholesale beef prices declined late in the week, further eroding packer margins. Cotton prices were lower following weak export sales during the Chinese New Year. Corn and grain sorghum were higher after another week of strong export sales and continued prospects for lower South American production. Wheat prices followed corn higher, but ample global supplies limited gains.

As for futures markets, feeder cattle, fed cattle, wheat, and corn were higher, while cotton and lumber were lower. The front-month feeder cattle contract hit new record highs every day last week amid prospects for tighter supplies. Much of the state recorded rainfall during the week with the heaviest amounts east of a line from Wichita Falls to Abilene to San Antonio and north of I-10. Topsoil moisture was rated in short to very short supply in much of west and south Texas while the remainder of the state was mostly short to adequate. Some areas of surplus moisture were also noted, mostly in the Blacklands region and in East Texas. Winter wheat was 96 percent emerged and in mostly good to poor condition. Preparations for spring planting are underway in many areas. Pastures were rated in mostly poor to very poor condition, though recent rains and warm temperatures have helped winter grasses.

Texas Cash Markets for the week ending Jan. 28:

The cash prices above are market averages for locations covered by the USDA 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 at the Oklahoma City National Stockyards. Futures prices are quoted for the nearest month contract on the last trading day of the week.

For more information, contact TDA at 1-800-835-5832 or visit the website, http://www.TexasAgriculture.gov.
 

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