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Agriculture Today


Texas Cash Market recap, April 21


Texas Cash Market recap, April 21


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May 2, 2012
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AUSTIN -- For the week ending April 21, feeder cattle price trends at Texas auctions covered by the U.S. Department of Agriculture (USDA) Market News were mostly steady to $3 higher per hundredweight (cwt), though one location was as much as $5 lower on a few head. Receipts at many auctions were half to two-thirds of those during the same week a year ago. Weather limited volumes at some sales, but the lower head counts also were likely a reflection of smaller supplies of available cattle. The Texas direct feeder cattle trade was mostly $2 to $4 higher with a few to $6 higher. Oklahoma City was $2 to $5 higher on feeder cattle and steady on calves. Fed cattle cash prices were 47 cents lower per cwt compared to the previous week. Beef prices were $7-$10 higher, which should help ease packer losses somewhat. Cotton cash prices were modestly lower as large world stocks, renewed exports by India and an unremarkable U.S. export report weighed on markets. However, traders were increasingly concerned about the dry conditions on the Texas Plains. Grain prices were also lower for the week. Wheat declined as improved growing conditions in the United States and forecasts for a large Australian crop are expected to add to already-ample world supplies. Corn and grain sorghum were lower as early plantings and favorable weather are expected to boost the U.S. crop. In addition, rumored export sales to China failed to materialize.



As for futures markets, fed cattle and lumber were higher, but feeder cattle, cotton, wheat, and corn were lower. Areas along the Gulf Coast and in East Texas recorded an inch or more of rain during the week while most other locations reported a half-inch or less. Winter wheat was rated in mostly fair to good condition, but stressed in some areas by a lack of moisture. The crop is 67 percent headed, well ahead of the 38 percent on average by this date. Some small grains were being baled for hay. Corn was 65 percent planted, slightly ahead of normal, and 53 percent was emerged with conditions rated mostly good to excellent. Grain sorghum planting was 60 percent complete compared to 58 percent on average. Cotton planting was 23 percent complete, ahead of the normal 16 percent. Rice was 79 percent planted. Pastures in much of the state need rain and were rated in mostly fair to good condition.



Texas Cash Markets for the week ending April 21:



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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