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. . . .
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