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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.  . . .

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