TDA market recap for Nov. 17
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.
As for futures markets, feeder cattle, fed cattle, cotton, and lumber were higher, but wheat and corn were lower. Little rain fell statewide during the week with amounts less than one-half inch limited to parts of South and West Texas. According to the weekly U.S. Department of Agriculture (USDA) National Agricultural Statistics Service crop progress report, cotton harvest advanced to 80 percent complete, well ahead of the 65 percent average for this date. Corn harvest has been completed and grain sorghum harvest was 91 percent complete compared to the normal 87 percent. Winter wheat planting advanced to 94 percent complete, slightly ahead of the 91 percent average, and 79 percent of the acreage has emerged. Wheat was reported in mostly fair to good condition, with much of the crop in need of rain. Pastures were rated in mostly fair to poor condition.
Texas Cash Markets for the week ending Nov. 17: •Feeder steers, $154.64/cwt
•Fed cattle, $125.85/cwt
•Slaughter lambs, $130/cwt
•Slaughter goats, $196/cwt
•Cabbage, $8.50/50 lbs
Futures markets:•Feeder cattle, $145.60/cwt
•Fed cattle, $126.15/cwt
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.