Texas Cash Market recap, Sept. 15
AUSTIN -- For the week ending Sept. 15, feeder cattle prices reported by Texas auctions ranged from $5 lower to $8 higher per hundredweight (cwt) depending on location and how well their offerings matched buyers’ requirements. Texas direct feeder cattle sales were steady to $3 higher. The Oklahoma City National Stockyards were steady to $2 higher. The feeder cattle situation remains unchanged with tight supplies offset by high grain prices and poor cattle feeding margins. Fed cattle cash prices were $2 to $3 higher and wholesale beef prices were nearly unchanged. Cotton and grain prices received a boost late in the week after the U.S. Federal Reserve Board announced additional economic stimulus measures. However, cotton still finished the week lower because of large world supplies and the sale of Chinese reserves. Corn and grain sorghum prices finished modestly lower as increasing harvest-time supplies and weak export demand offset forecasts for lower U.S. production and unfavorable weather in South America. Wheat prices also benefited from prospects for lower production in Russia and dry weather in Australia. . . .
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