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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.

As for futures markets, feeder cattle, fed cattle, wheat, corn and lumber were higher, while cotton was lower. Little rain fell anywhere in the state during the week with amounts of half an inch or less reported in parts of the Panhandle, Central Texas, and East Texas. Winter wheat remained in mostly good to poor condition and is struggling on the High Plains and in the Trans-Pecos due to a lack of moisture. Cattle is being moved off wheat pastures that producers intend to harvest for grain. Corn and grain sorghum planting are underway in many areas, but were delayed by wet conditions in parts of south-central Texas and in coastal regions. Field preparations continued statewide. Winter vegetable harvest progressed in South Texas. Some pecan growers were concerned that trees may be breaking dormancy too early. Pastures have benefited from recent rains and warmer temperatures, 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 March 3:

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 the Texas Department of Agriculture at 1-800-835-5832 or visit the website, http://www.TexasAgriculture.gov.

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