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. . . .
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