Texas Cash Market recap, Sept. 8
AUSTIN --For the week ending Sept. 8, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight (cwt) with a few as much as $10 higher, while some were $6 lower on at least a portion of their offerings. Texas direct feeder cattle sales were mostly steady. The Oklahoma City National Stockyards were closed for the Labor Day holiday. The feeder cattle situation remains unchanged with tight supplies offset by high grain prices and negative cattle feeding margins. The fed cattle cash trade was $1 higher in very light trade, and wholesale beef prices were $1 to $2 higher. Cotton prices were lower after China auctioned some of its cotton reserves and reports that indicated Hurricane Isaac did not damage the cotton crop as much as expected. Wheat prices increased on prospects for increased U.S. exports. Corn and grain sorghum prices were lower due to increasing harvest-time supplies, weak export demand, and competition from cheaper South American corn.
As for futures markets, fed cattle and wheat were higher, but feeder cattle, cotton, corn, and lumber were lower. Parts of South Texas, West Texas, and the Panhandle recorded an inch or more of rain during the week while little or no rainfall was reported elsewhere in the state. According to the weekly U.S. Department of Agriculture National Agricultural Statistics Service crop progress report, the crop condition indexes for cotton, peanuts, and soybeans declined from a week earlier while corn, rice, and grain sorghum remained unchanged. Ninety-eight percent of the cotton acreage is setting bolls or beyond, while bolls are opening on 42 percent, both ahead of normal. Nine percent of the crop has been harvested. Corn was 74 percent mature and 62 percent harvested, both higher than the average for this date. Grain sorghum harvest was slightly behind normal at 59 percent complete. Rice harvest was 90 percent complete compared to 92 percent on average. Pasture conditions rated in good to excellent condition deteriorated from 17 percent last week, down to 12 percent. The area rated poor to very poor increased from 52 percent to 58 percent. Thirty percent was rated in fair condition.
Texas Cash Markets for the week ending Sept. 8:
•Fed cattle, $123.96/cwt
•Slaughter lambs, $97/cwt
•Slaughter goats, $159/cwt
•Feeder cattle, $144.30/cwt
•Fed cattle, $126.47/cwt
•Lumber, $284.30/1000 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.