Texas Cash Market recap, June 23
AUSTIN -- For the week ending June 23, feeder cattle price trends at Texas auctions were mostly steady to $7 lower per hundredweight (cwt), although a few locations also noted prices as much as $5 higher on a portion of their offerings. Lower fed cattle and beef markets, dry pastures, and variable quality offset smaller supplies. A Texas direct feeder cattle trend was not available due to light trade volumes as sellers passed up the lower bids in hopes of a recovery. The Oklahoma City auction was $1 to $5 lower. Fed cattle cash prices were down $3 in very light trade as the market followed beef values lower, leaving many sellers unwilling to accept the lower bids. Cotton prices were lower due to a mixed export sales report, a stronger dollar, and weaker outside markets, although declines were limited by concerns about hot, dry weather in Texas, rumors of large purchases by China, and a delayed harvest in Pakistan. Corn and grain sorghum were higher due to concerns that hot, dry weather in parts of the Corn Belt will damage the crop, although gains were limited by weak exports and poor ethanol margins. Wheat prices were higher on weather concerns in Europe and a lower production forecast for Russia. . . .
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