Texas Cash Market recap, May 5
AUSTIN -- For the week ending May 5, feeder cattle prices at the Texas Panhandle auctions covered by the U.S. Department of Agriculture (USDA) Market News were steady to $8 higher per hundredweight (cwt), while San Angelo was steady to $2 lower. The Texas direct feeder cattle trade was mostly steady to $3 lower early in the week, but steady to $2 higher later as markets recovered from the limited effects of the California BSE case. The Oklahoma City auction on Monday was $2 to $8 lower on feeder cattle and steady to $4 lower on calves. Fed cattle cash prices were $1 higher per cwt as markets recovered from the previous week’s BSE announcement. Beef prices were near unchanged for the week. Cotton cash prices were lower due to large world stocks, a weak global economy, beneficial rains in parts of Texas, and renewed exports by India. Grain prices were lower for the week on global economic weakness and a stronger dollar. In addition, participants in the Kansas hard red winter wheat tour came up with a higher yield estimate, which offset a “decent” export sales report. Corn and grain sorghum were lower as the rapid planting progress of this year’s crop increased the chances for a larger U.S. crop, but the decline was limited by stronger export sales and tight current supplies. . . .
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