Texas Cash Market recap, Nov. 3
AUSTIN -- For the week ending Nov. 3, 2012, feeder cattle price trends reported by Texas auctions ranged from $4 lower to $5 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $1 lower. The Oklahoma City National Stockyards were steady to $3 lower. The feeder cattle situation remains unchanged with shrinking supplies offset by high grain prices and poor cattle feeding margins. Fed cattle cash prices were near unchanged as lower beef prices, concerns about beef demand and higher carcass weights again offset the impact of smaller cattle inventories. Cotton prices were lower as large world supplies and weak demand continue to pressure the market. Wheat prices were higher due to dry conditions on the Plains and estimates of lower production in Russia. Corn and grain sorghum prices were slightly higher on reports of unfavorable weather in South American.
As for futures markets, corn and lumber were higher, wheat was unchanged and feeder cattle, fed cattle, and cotton were lower. One-half inch or more of rain was recorded in parts of East Texas, along the Gulf Coast and in the western Edwards Plateau, but other areas recorded little or no rainfall. According to the weekly U.S. Department of Agriculture National Agricultural Statistics Service crop progress report, cotton harvest advanced to 56 percent complete, well ahead of the 43 percent average for this date. Corn was 99 percent harvested, compared to the 93 percent average, while grain sorghum harvest was 78 percent complete, lagging behind the normal 81 percent. Winter wheat planting advanced to 87 percent complete compared to the normal 83 percent, and 69 percent of the acreage has emerged. Wheat was reported in mostly fair to good condition. Pasture condition ratings were not available in time for this summary.
Texas Cash Markets for the week ending Nov. 3:
•Feeder steers, $159.75/cwt
•Fed cattle, $126.98/cwt
•Slaughter lambs, $134/cwt
•Slaughter goats, $195/cwt
•Fed cattle, $125.42/cwt
•Lumber, $315.40/1000 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.