Texas Cash Market recap, Oct. 13
AUSTIN -- For the week ending Oct. 13, feeder cattle prices reported by Texas auctions were mostly steady to $5 higher per hundredweight (cwt) compared to a week ago, with a few as much as $10 higher and some to $5 lower. The heaviest discounts were on fleshy, unweaned calves. Texas direct feeder cattle sales were $2 to $3 higher. At the Oklahoma City National Stockyards, feeder cattle were mostly steady to $3 higher, with steer calves as much as $12 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 $1.40 higher per cwt in response to higher beef prices and smaller supplies of available cattle. Cotton prices were lower as large world supplies continue to weigh on the market. Wheat prices were higher after U.S. Department of Agriculture (USDA) projections for end-of-year stocks came in lower than expected, but gains were moderated by weak export demand for U.S. wheat. Corn prices increased after USDA lowered its corn production and projected carryover estimates.
As for futures markets, fed cattle, cotton, wheat, corn, and lumber were higher, but feeder cattle were lower. Scattered showers fell statewide during the week with a half-inch or more of rain reported in parts of Northeast Texas, Central Texas, the Trans-Pecos, and the Panhandle. According to the weekly USDA National Agricultural Statistics Service crop progress report, the condition index for peanuts declined last week, but remained unchanged for corn, cotton, rice, grain sorghum, and soybeans. Cotton harvest was 24 percent complete, slightly ahead of the 23 percent average for this date. Bolls have opened on 88 percent of the acreage, also ahead of normal. Corn was 88 percent harvested, higher than the 84 percent average, while grain sorghum harvest was 64 percent complete, well behind the normal 75 percent. Winter wheat planting advanced to 67 percent complete compared to the normal 65 percent, and 43 percent of the acreage has emerged. Pasture conditions improved modestly with 24 percent of the acreage rated in good to excellent condition compared to 23 percent last week. The area rated poor to very poor declined from 46 to 42 percent and 34 percent was rated in fair condition compared to 31 percent a week ago.
Texas Cash Markets for the week ending Oct. 13:
•Feeder steers, $157.09/cwt
•Fed cattle, $125.41/cwt
•Slaughter goats, $164/cwt
Futures markets: •Feeder cattle, $143.10/cwt
•Fed cattle, $123.90/cwt
•Lumber, $284.70/1000 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.