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Agriculture Today

Texas Cash Market recap, May 12


Texas Cash Market recap, May 12


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May 23, 2012
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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.  . . .

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