Texas Cash Market recap, Sept. 29
AUSTIN -- For the week ending Sept. 29, feeder cattle prices reported by Texas auctions ranged from $6 lower to $6 higher per hundredweight (cwt) compared to a week earlier, with a few as much as $10 higher. Texas direct feeder cattle sales were steady to $2 higher early in the week, but sales came to a standstill later when bids declined. At the Oklahoma City National Stockyards, feeder cattle were steady to $2 higher, but calves were $2 to $4 lower. The feeder cattle situation remains unchanged with tight supplies offset by high grain prices and poor cattle feeding margins. Fed cattle cash prices were $3 lower per cwt in response to lower beef prices. Wheat and corn prices ended the week higher after the U.S. Department of Agriculture (USDA) released a bullish grain stocks report on Friday morning. Cotton prices were lower as large world supplies and a stronger dollar pressured the market.
As for futures markets, wheat, corn, and lumber were higher, but feeder cattle, fed cattle, and cotton were lower. Rain fell statewide during the week with totals in excess of two inches reported in many areas. According to the weekly USDA National Agricultural Statistics crop progress report, the condition indexes declined slightly last week for cotton and peanuts, but remained unchanged for corn, rice and grain sorghum. Cotton harvest was reported to be 15 percent complete, behind the 18 percent average for this date. Bolls have opened on 71 percent of the acreage, well ahead of normal. Corn was 75 percent harvested, higher than the average, while grain sorghum harvest was 66 percent complete, behind the normal 70 percent. Winter wheat planting advanced to 43 percent complete compared to the normal 38 percent. Eleven percent of the acreage has emerged. Pasture conditions improved modestly with 19 percent of the acreage rated in good to excellent condition compared to 18 percent last week. The area rated poor to very poor declined from 53 to 48 percent and 33 percent was rated in fair condition compared to 29 percent a week ago.
Texas Cash Markets for the week ending Sept. 29:
•Feeder steers, $152.35/cwt
•Fed cattle, $122.97/cwt
•Slaughter lambs, $105/cwt
•Slaughter goats, $163/cwt
Futures markets: •Feeder cattle, $143.80/cwt
•Fed cattle, $122.07/cwt
•Lumber, $279/1000 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.