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Texas Cash Market recap, May 12
AUSTIN -- For the week ending May 12, feeder cattle prices at the Texas Panhandle auctions covered by the U.S. Department of Agriculture (USDA) Market News were mixed from $2 lower to $3 higher per hundredweight (cwt), depending on location, weight, and quality of the offerings. The Texas direct feeder cattle trade was mostly steady to $4 higher on offerings weighing less than 800 pounds, while heavier weights were weak to $3 lower. The Oklahoma City auction on Monday was $1 to $3 higher. Fed cattle cash prices were near unchanged from the previous week and beef prices were lower. Cotton cash prices were flat early in the week and then dropped 7 cents per pound on Thursday and Friday following beneficial rains in Texas and a USDA supply and demand report showing higher domestic supplies and projected record-high ending world stocks. Corn and grain sorghum prices were higher at the beginning of the week because of tight current supplies, but then fell after USDA released projections for record-high U.S. and world production. Wheat prices were lower on projections for a larger U.S. crop.
As for futures markets, feeder cattle, fed cattle, cotton, wheat and corn were lower, while lumber was higher. Most of the state recorded rainfall last week with the heaviest amounts in East Texas and south of a line from Beaumont to Lamesa. Winter wheat was rated in mostly fair to good condition with 98 percent of the acreage headed and harvest underway in many areas. On the High Plains, irrigated wheat was in good condition while dryland acres needed rain. Rain delayed harvest in parts of North Texas. Corn was 93 percent planted and 80 percent was emerged, both ahead of normal progress, with condition rated mostly good to fair. Grain sorghum planting was ahead of normal at 88 percent complete and 16 percent of the crop was headed. Cotton planting was 35 percent complete, ahead of the normal 31 percent. Rice and peanut planting were 94 percent and 58 percent planted, respectively. Pastures were rated in mostly fair to good condition thanks to recent rains, but remain dry in areas of the Plains.
Texas Cash Markets for the week ending May 12: see image
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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