Texas Cash Market recap, Sept. 1
AUSTIN -- For the week ending Sept. 1, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight (cwt) to $10 higher, with a few to $3 lower and some as much as $8 higher. One location noted that prices on replacement heifers were $10 to $20 higher. Texas direct feeder cattle sales were steady to $2 higher and at the Oklahoma City National Stockyards feeder cattle were steady to $5 higher. Tight feeder supplies and prospects they will get even tighter this fall continue to support higher prices while variable quality and high grain prices limited gains. The fed cattle cash trade was $2 to $3 higher, but wholesale beef prices were lower. Cotton prices were higher amid concerns that Hurricane Isaac would damage cotton that was nearing harvest. Wheat prices increased at midweek on rumors that Russia might limit exports, but then retreated after Russian agencies decided that restrictions are not needed at this time. Corn and grain sorghum prices were lower mostly due to weak export demand. . . .
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