Texas Cash Market recap, Feb. 4
AUSTIN -- For the week ending Feb. 4, feeder cattle prices at Texas auctions covered by the U.S. Department of Agriculture (USDA) Market News were steady to $5 higher per hundredweight, with a few to $10 higher. Texas direct feeder sales were steady to $2 higher. Oklahoma City was mostly steady to $2 higher on feeder cattle and $3 to $6 higher on calves. Heifer calves posted the biggest gains at many locations as feeder and replacement buyers competed for the limited offerings. Fed cattle cash prices were $1 lower in moderate trade as packers continue to limit purchases and cut slaughter rates in response to stagnant beef prices and ongoing negative margins. Cotton prices were higher following strong export shipments, prospects for increased Chinese purchases and moves by Pakistan to boost its domestic prices. Corn and grain sorghum were higher amid ongoing concerns about South American crops and tight domestic supplies. Wheat prices were higher on concerns that cold weather damaged the crop in Europe and reports of possible Russian export restrictions. However, the market retreated somewhat late in the week after Russia said it had no plans to limit exports. . . .
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