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.
As for futures markets, feeder cattle, fed cattle, wheat, and lumber were higher while cotton and corn were lower. Rain fell statewide during the week with the heaviest amounts reported in Central and East Texas. According to the weekly U.S. Department of Agriculture National Agricultural Statistics Service crop progress report, the crop condition indexes for cotton, peanuts, soybeans, and pastures improved from a week earlier while corn, rice, and grain sorghum remained unchanged. Cotton harvest advanced to 10 percent complete, but was slightly behind the 13 percent average for this date. Bolls have opened on 50 percent of the acreage, well ahead of normal. Corn was 86 percent mature and 68 percent harvested, both higher than the average. Grain sorghum harvest was slightly behind normal at 60 percent complete. Rice harvest was 95 percent complete compared to 94 percent on average. Pastures improved with the recent rainfall, with 17 percent of the acreage rated in good to excellent condition compared to 12 percent last week. The area rated poor to very poor declined from 58 percent to 52 percent. Thirty-one percent was rated in fair condition compared to 30 percent a week ago.
Texas Cash Markets for the week ending Sept. 15:
•Feeder steers, $151.08/cwt
•Fed cattle, $126.60/cwt
•Slaughter lambs, $115/cwt
•Slaughter goats, $166/cwt
Futures markets: •Feeder cattle, $145/cwt
•Fed cattle, $127.05/cwt
•Lumber, $288/1000 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.