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Agriculture Today

TDA market recap for Nov. 17




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November 28, 2012 | 2722 views | Post a comment

AUSTIN -- For the week ending Nov. 17, feeder cattle price trends reported by Texas auctions ranged from $5 higher to $6 lower per hundredweight (cwt) with the largest discounts on lightweight, unweaned calves. Texas direct feeder cattle sales were $1 lower. The Oklahoma City National Stockyards were steady to $3 lower. Feeder cattle prices continue to be pulled in both directions, with tight supplies supporting the market, but high grain prices, negative cattle feeding margins and dry conditions in many areas applying downward pressure. Fed cattle cash prices were near unchanged, while wholesale beef values were higher for Choice-grade offerings, but lower for Select beef. Cotton prices were higher on talk of Chinese purchases in spite of their large stockpiles. Wheat prices were lower as large world supplies and weak export demand for U.S. wheat continued to weigh on the market. Corn and grain sorghum were lower as weak export demand for U.S. corn and more favorable weather in South America more than offset the tight domestic supplies. . . .

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