Texas Cash Market recap, Aug. 11
AUSTIN -- For the week ending Aug. 11, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight (cwt), although a few locations were steady to $5 lower and a few were as much as $10 higher. Texas direct feeder cattle sales were $1 to $4 higher. At the Oklahoma City National Stockyards, feeder cattle were steady to $4 lower. Higher fed cattle, lower feed grains and tightening supplies contributed to the higher prices, although negative cattle feeding margins limited the increase. The fed cattle cash trade was more than $1 higher per cwt and wholesale beef prices were $6 to $7 higher. Cotton prices were unchanged for the week. Prices increased early amid ongoing concerns about unfavorable weather in West Texas and India, but fell on Friday after U.S. Department of Agriculture (USDA) reported higher than expected production and carryover supplies. Corn and grain sorghum also ended the week modestly lower after projections for lower demand offset a lower production forecast. Meanwhile, wheat was higher.
As for futures markets, feeder cattle, fed cattle, and lumber were higher, but corn, grain sorghum, and wheat were lower. Scattered showers fell over much of the state during the week with some locations reporting an inch or more of rain, mostly in East Texas, West-Central Texas and the eastern Panhandle. According to the weekly USDA National Agricultural Statistics Service crop progress report, the state’s cotton crop is in mostly fair to poor condition with, 87 percent of the acreage setting bolls and bolls opening on 15 percent, both ahead of normal. Corn was rated in mostly good to fair condition with 61 percent of the crop mature, compared to 57 percent on average. Grain sorghum was 65 percent headed, ahead of the normal 58 percent, and the crop is rated in mostly good to fair condition. Rice harvest advanced to 62 percent complete, well ahead of the 35-percent average for this date. The crop is reported in mostly good to excellent condition. Pasture and hay conditions varied across the state depending on rainfall. Statewide, pasture conditions declined somewhat with 14 percent of the acreage now rated in good to excellent condition; 55 percent rated poor to very poor; and 31 percent rated in fair condition.
Texas Cash Markets for the week ending Aug. 11:
•Feeder steers, $147.45/cwt
•Fed cattle, $119.14/cwt
•Slaughter lambs, $100/cwt
•Slaughter goats, $155/cwt
Futures markets: •Feeder cattle, $139.47/cwt
•Fed cattle, $120.60/cwt
•Lumber, $303.20/1000 bd ft.
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.