Texas Cash Market recap, April 28
AUSTIN -- For the week ending April 28, feeder cattle price trends at Texas auctions covered by the U.S. Department of Agriculture (USDA) Market News were mostly $2 to $7 lower per hundredweight (cwt). Those sales were held late in the week, after the USDA confirmed a case of BSE in a California dairy cow. The Texas direct feeder cattle trade was mostly steady to $2 higher early in the week, but steady to $3 lower later in the week after the BSE report. Prices at Oklahoma City auction on Monday were steady to $2 higher. Fed cattle cash prices were $2.34 lower per cwt compared to the previous week amid concerns about future demand. Beef prices climbed early in the week and then also dipped lower after the BSE announcement, but still managed to end the week higher than the previous Friday.
Cotton cash prices were unchanged as large world stocks and an upward revision in Chinese production estimates were offset by an improved export sales report and dry conditions in West Texas and Georgia. Grain prices were higher for the week. Corn and grain sorghum increased on strong corn export sales, including a large purchase by China late in the week. Wheat exports were also better than in previous weeks. There were also concerns about cold weather in northern areas and dry conditions in parts of Texas.
As for futures markets, wheat, corn, and lumber were higher, but feeder cattle, fed cattle, and cotton were lower. Parts of the Panhandle and Southern Plains recorded a half-inch or less of rain with some isolated totals of an inch or more. The rest of the state reported little or no precipitation during the week. Winter wheat was rated in mostly fair to good condition, but stressed in some areas by a lack of moisture and maturing quickly due to the warm, dry weather. The crop is 82 percent headed, well ahead of the 54 percent on average by this date. Corn was 70 percent planted and 58 percent was emerged, both slightly behind normal, with conditions rated mostly good to fair. Grain sorghum planting was ahead of normal at 65 percent complete. Cotton planting was 25 percent complete, ahead of the normal 20 percent. Rice was 89 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 28:
•Feeder steers, $183.58/cwt
•Fed cattle, $118.86/cwt
•Slaughter lambs, $185/cwt
•Slaughter goats, $232/cwt
•Cabbage, $6.00/50 lbs •Onions, $14.00/50 lbs
Futures markets: •Feeder cattle, $148.77/cwt
•Fed cattle, $118.45/cwt
•Lumber, $282.70/1000 bd ft.
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.