Texas Cash Market recap, Oct. 6
AUSTIN -- For the week ending Oct. 6, 2012, feeder cattle prices reported by Texas auctions ranged from $6 lower to $5 higher per hundredweight (cwt) early in the week, but steady to $5 higher later, with a few locations as much as $10 higher. Texas direct feeder cattle sales were weak to $4 lower. At the Oklahoma City National Stockyards, feeder cattle were $2 to $4 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 $1 higher per cwt in response to lower Choice beef prices and smaller supplies of available cattle. Cotton prices were higher on smaller projected end-of-year global supplies and reports of higher-than-expected abandonment on the Texas Plains. Wheat prices were lower for the week as beneficial rains fell in U.S. winter wheat areas and export buyers bypassed U.S. wheat for cheaper South American and European supplies. Corn prices declined because of weak export demand, increasing harvest-time supplies and private forecasts of higher production. . . .
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