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Agriculture Today

Texas Cash Market recap, June 16


Texas Cash Market recap, June 16


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June 27, 2012
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AUSTIN -- For the week ending June 16, feeder cattle price trends at Texas auctions were mixed, ranging from $6 lower to $6 higher per hundredweight (cwt). Lower cattle futures, dry pastures, variable quality, and lower prices for fed cattle offset the seasonally smaller supplies and the impacts of a smaller cow herd. The Texas direct feeder cattle trade was steady to $2 higher. The Oklahoma City auction was mostly steady on feeder cattle and steady to $3 lower on calves. Fed cattle cash prices were $3 lower, while beef values were mixed, with Choice beef prices higher and Select-grade offerings lower. Cotton prices were higher following a favorable weekly export sales report and supportive outside markets, including a weaker dollar, higher crude oil and higher stock markets. Corn and grain sorghum were lower due to forecasts for more favorable growing conditions in the Midwest, weak ethanol margins and speculation that corn acreage might be higher than current the U.S. Department of Agriculture (USDA) projections. Wheat prices followed other grains lower as the advancing winter wheat harvest added to supplies, though stronger export sales helped limit losses. . . .

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