Texas Cash Market recap, June 2
Texas Cash Markets for the week ending June 2
AUSTIN -- For the week ending June 2, feeder cattle prices at the Texas auctions covered by the U.S. Department of Agriculture (USDA) Market News were mostly steady to $2 higher per hundredweight (cwt), with fleshy new-crop calves as much as $7 lower. The Texas direct feeder cattle trade was mostly steady with a few more than 800 pounds to $3 higher. The Oklahoma City auction was closed for Memorial Day. Fed cattle cash prices were near unchanged from the previous week, while Choice beef prices were higher and Select-grade slightly lower. Cotton and grain prices were lower, mainly due to pressure from outside market factors, including a stronger dollar, weaker equity markets, lower crude oil prices and concerns about the European and Chinese economies. Cotton prices saw added pressure from large world supplies and ongoing concerns about Chinese demand. Wheat prices were also impacted by large world stocks and increasing harvest-time supplies.
As for futures markets, feeder cattle, and fed cattle were higher, while cotton, wheat, corn, and lumber were lower. Much of the state north and east of a line from Victoria to Lubbock recorded precipitation during the week, though totals were generally less than one-half inch. The weekly USDA National Agricultural Statistics Service crop progress and condition report showed that 96 percent of the state’s corn acreage has been planted and 90 percent has emerged, both behind the averages for this date. Condition was rated mostly good to fair. Grain sorghum is 91 percent planted and 58 percent headed, both well ahead of normal, with the crop in mostly good to fair condition. The state’s wheat crop was 38 percent harvested, more than double the average for this date. The crop is rated in mostly fair to very poor condition. Cotton planting is 81 percent complete and 12 percent of the crop is squaring, both ahead of normal. The state’s cotton acreage is rated in mostly fair to good condition. Pastures were rated mostly good to poor with many needing rain. The report noted that livestock condition was generally good, but that some supplemental feed was needed.
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.