Texas Cash Market recap, May 26
AUSTIN -- For the week ending May 26, feeder cattle prices at the Texas auctions covered by the U.S. Department of Agriculture (USDA) Market News were mostly steady to $6 higher per hundredweight (cwt), with a few to $10 higher and some steady to $3 lower on heifer calves. The Texas direct feeder cattle trade was $2 to $5 higher, with the largest increases noted on cattle weighing 800 pounds or more. The Oklahoma City auction was mostly $2 to $6 higher. Fed cattle cash prices declined by more than $2 per cwt due to weaker packer demand ahead of a workweek shortened by the Memorial Day holiday. Cotton cash prices were again lower as large world supplies continue to burden the market. A favorable export sales report helped ease concerns that China will limit purchases, but there were also rumors that it was preparing to sell cotton in storage to free-up warehouse space. Grain prices were lower mostly due to pressure from outside market factors, including a stronger dollar, weaker equity markets, and concerns about the European economy. Corn and grain sorghum prices were also pressured by weak exports, but losses were limited by dry, warm, and windy conditions in the Corn Belt. Wheat prices were also impacted by improved exports and increasing harvest-time supplies. . . .
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