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Agriculture Today

Texas Cash Market recap, Mar. 3


Texas Cash Market recap, Mar. 3


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March 14, 2012
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AUSTIN -- For the week ending March 3, feeder cattle prices at Texas auctions covered by the U.S. Department of Agriculture (USDA) Market News were mostly steady to $2 higher per hundredweight (cwt), with a few to $2 lower and some to $5 higher. Texas feeder sales direct to feedlots were steady to $3 lower, while Oklahoma City was steady to $2 lower on feeder cattle, and steady on calves. Fed cattle cash prices were up nearly $1 per cwt, setting a new record high. Wholesale boxed beef composite values were modestly higher for the week. Cotton cash prices were unchanged. Increased end-user buying and stronger export shipments provided support, but plans by India to increase its exports this year, a stronger dollar and lingering questions about demand also pressured the market. Corn and grain sorghum prices were higher due to the tight current supplies and reports of new export sales. Wheat prices followed other grains higher and received an added boost after USDA announced export sales to Iran. Soybeans also provided support across the grain complex amid prospects for a smaller South American crop and strong exports.  . . .

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