Texas Cash Market recap, Feb. 18
AUSTIN -- For the week ending Feb. 18, feeder cattle prices at Texas auctions covered by the U.S. Department of Agriculture (USDA) Market News were mostly steady to $4 higher per hundredweight (cwt). Texas direct feeder sales were steady to $1 higher and Oklahoma City was $1 to $4 higher on feeder cattle and steady to $8 lower on calves with steers posting the biggest losses. Fed cattle cash prices surged to a new record high $129 per cwt. on more than 16,000 head. Higher wholesale beef prices allowed packers to increase bids for the available cattle. The head count was still well below year-ago levels, but higher than in the past several weeks. Cotton cash prices ended the week higher after the weekly export sales report showed net purchases of 108,000 bales, which was an improvement over the cancellations and negative sales of the previous weeks. Corn and grain sorghum prices were higher on continued tight domestic supplies and a new export sale to South Korea. Wheat prices increased after a sale to Egypt and news of possible export restrictions by the Ukraine. . . .
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