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Texas Cash Market recap, Feb. 25
AUSTIN -- For the week ending Feb. 25, feeder cattle prices at Texas auctions covered by the U.S. Department of Agriculture (USDA) Market News were mostly steady with a few to $2 lower per hundredweight and a few to $5 higher. Texas feeder sales direct to feedlots were $1 to $4 higher with some as much as $6 higher. Oklahoma City was $2 to $5 higher on feeder cattle and $4 to $10 higher on calves. Fed cattle cash prices were near unchanged from last week’s record high. Wholesale Choice boxed beef prices were up 3.7 percent for the week, which helped packers reduce their losses, though margins remain negative according to most sources. Cotton cash prices were lower for the week amid concerns about demand and in spite of forecasts for lower U.S. planted acreage in 2012. More favorable exports and increased end-user buying helped prices recover somewhat on Friday. Corn and grain sorghum prices were unchanged to lower after USDA updated projections calling for increased planted acreage and lower prices in 2012. Wheat prices declined on updated USDA projections for increased U.S. production and higher carryover stocks. However, losses were limited by a better-than-expected weekly export sales report.
As for futures markets, feeder cattle, fed cattle, cotton, wheat, and corn were lower, while lumber was higher. Most of South Texas, the Gulf Coast, northeast Texas, and parts of the Panhandle recorded precipitation during the week while the rest of the state remained dry. Winter wheat was reported in mostly good to poor condition with the High Plains crop in need of additional moisture. Field preparations for spring planting continued statewide. Winter vegetable harvest progressed in South Texas, but was delayed by wet fields in the Lower Valley. Pastures have benefited from recent rains, but still need additional moisture, especially in West Texas. Pastures statewide remain in mostly fair to very poor condition.
Texas Cash Markets for the week ending Feb. 25:
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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