Texas Cash Market recap, Oct. 20
AUSTIN -- For the week ending Oct. 20, 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. Several locations noted good demand, especially for long-weaned feeders and steer calves. Texas direct feeder cattle sales and 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 more than $2 higher per cwt in response to higher beef prices and smaller supplies of available cattle. Cotton prices were higher primarily due to a current shortage of cotton meeting the requirements for futures market deliveries. Wheat prices were higher amid concerns about slow emergence, improved weekly U.S. exports and reports that Ukraine might halt exports in mid-November. Corn prices followed wheat and soybeans higher, but gains were limited by sluggish exports and reports of additional corn imports from South America.
As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn, and lumber were higher. A half-inch or more of rain fell last week in parts of Southeast Texas, the Lower Rio Grande Valley, Trans-Pecos. and South Plains, while other areas received little or no rainfall. According to the weekly U.S. Department of Agriculture National Agricultural Statistics Service crop progress report, the condition index for cotton declined slightly last week, but remained unchanged for corn, peanuts, grain sorghum, and soybeans. Cotton harvest was 31 percent complete, ahead of the 27 percent average for this date. Bolls have opened on 92 percent of the acreage, also ahead of normal. Corn was 95 percent harvested compared to the 88 percent average, while grain sorghum harvest was 67 percent complete, well behind the normal 77 percent. Winter wheat planting advanced to 74 percent complete, slightly ahead of the normal 73 percent, and 51 percent of the acreage has emerged. Pasture conditions improved somewhat with 27 percent of the acreage rated in good to excellent condition compared to 24 percent last week. The area rated poor to very poor declined from 42 to 41 percent and 32 percent was rated in fair condition compared to 34 percent a week ago.
Texas Cash Markets for the week ending Oct. 20:
•Feeder steers, $155.53/cwt
•Fed cattle, $127.13/cwt
•Slaughter lambs, $145/cwt
•Slaughter goats, $171/cwt
Futures markets: •Feeder cattle, $146.15/cwt
•Fed cattle, $126.30/cwt
•Lumber, $298.20/1000 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.