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Texas Cash Market recap, Dec. 8
AUSTIN -- For the week ending Dec. 8, feeder cattle prices reported by Texas auctions were mostly $5 lower to $4 higher per hundredweight (cwt), with a few to $12 lower early in the week and some as much as $10 higher. Texas direct feeder cattle sales were steady to $1 higher. The Oklahoma City National Stockyards were steady to $2 higher on feeder cattle, but $4 to $6 lower on calves. Tight feeder supplies, and prospects that they will get even tighter, are offset by high grain prices and the dry conditions that have caused a lack of winter grazing in many areas. Auction cattle can also vary considerably in quality and condition, which can also cause prices to vary. Fed cattle cash prices were $3 lower per cwt in very light trade. Beef prices were lower. Cotton was modestly lower as large world supplies continue to burden the market. However, prices did rebound later in the week after U.S. Department of Agriculture (USDA) reported the largest weekly export sales of the marketing year. Wheat, corn, and grain sorghum prices declined on continued weak export demand for U.S. grains. However, domestic supplies are tight and prices remain at historically-high levels well above where they were at this time last year.
As for futures markets, feeder cattle, cotton, and lumber were higher, but fed cattle, wheat, and corn were lower. More than one inch of rain fell in parts of the Upper Coast and in East Texas, with totals in excess of two inches in some areas. Crop progress and condition information are not available as the weekly USDA National Agricultural Statistics Service crop progress report has been suspended for the season. It is scheduled to resume on Monday, Dec. 31.
Texas Cash Markets for the week ending Dec. 8:
•Feeder steers, $152.46/cwt
•Fed cattle, $124/cwt
•Grain sorghum, $12.80/cwt
•Cabbage, $7.25/50 lbs
•Feeder cattle, $148.77/cwt
•Fed cattle, $125.87/cwt
•Lumber, $343.20/1000 bd ft.
All 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.
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