Texas Cash Market recap, Aug. 18
AUSTIN -- For the week ending Aug. 18, 2012, 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 $1 to $5 higher and calves were steady to $5 higher. Higher fed cattle, lower feed grains, and tightening supplies continue to support higher prices, although negative cattle feeding margins and poor pasture conditions in many areas limited the increase. The fed cattle cash trade was $1 higher per cwt and wholesale beef prices were $7 to $8 higher. Cotton prices were lower as large world supplies and rain in some U.S. growing areas more than offset concerns about dry conditions in India. Wheat prices were lower as large world supplies continue to pressure the market, but they made a partial recovery late in the week on forecasts for lower production in Russia and the Ukraine, and export purchases by Taiwan and South Korea. Corn and grain sorghum prices also fluctuated as weather concerns and strong demand from ethanol plants were offset by reports that the United States may import cheaper corn from Brazil.
As for futures markets, feeder cattle, fed cattle, and lumber were higher, but cotton, corn, and wheat were lower. Rain was reported statewide during the week with totals ranging from less than a quarter inch in many areas to more than two inches in some locations. According to the weekly U.S. Department of Agriculture (USDA) National Agricultural Statistics Service crop progress report, the state’s cotton crop is in mostly fair to poor condition with 92 percent of the acreage setting bolls and bolls opening on 18 percent, both ahead of normal. Corn was rated in mostly good to fair condition with 51 percent of the crop harvested, which is ahead of the average for this date. Grain sorghum was 70 percent mature, ahead of the normal 60 percent, and the crop is rated in mostly good to fair condition. Rice harvest was 45 percent complete with the crop in mostly good to excellent condition. Pasture and hay conditions varied across the state depending on rainfall. Pastures improved slightly with 16 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. 18:
•Feeder steers, $147.53/cwt
•Fed cattle, $120.15/cwt
•Slaughter lambs, $115/cwt
•Slaughter goats, $166/cwt
Futures markets: •Feeder cattle, $140.42/cwt
•Fed cattle, $121.07/cwt
•Lumber, $308.70/1000 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.