Texas Cash Market recap, Feb. 16
AUSTIN --For the week ending Feb. 16, feeder cattle prices reported by Texas auctions were mostly steady to $8 lower per hundredweight (cwt), though a few locations noted higher prices on a portion of their offerings. The Oklahoma City National Stockyards were $2 to $4 lower on feeder cattle and steady to $2 lower on calves. Fed cattle cash prices were down $2 from a week earlier. Choice beef prices were lower, but select-grade offerings were higher. In spite of continued tight cattle supplies, stagnant to lower beef prices have deepened negative beef processing margins, which has caused fed cattle prices to drop. That has, in turn, pulled feeder cattle prices lower. Cotton prices were lower in spite of favorable exports and expectations for lower plantings this year. Wheat declined because of favorable weather in South America and rains in some U.S. winter wheat areas. Corn was lower due to a stronger dollar, rains in the eastern Corn Belt and continued weak exports.
As for futures markets, fed cattle and lumber were higher, but feeder cattle, cotton, wheat, and corn were lower. Rains fell over much of the state north and east of a line from Victoria to Lubbock with totals ranging from trace to more than an inch in some locations. Statewide, soil moisture supplies were rated mostly short to adequate. Winter wheat was rated in mostly fair to poor conditions with much of the crop needing additional moisture. Spring field preparations were underway statewide and some corn and grain sorghum has been planted in South Texas and the Upper Coast. Warm conditions are causing some fruit trees to bud and bloom early. Vegetable crops are progressing well with cabbage and spinach harvest underway in South Texas and the Lower Valley. Pastures were rated in mostly fair to poor condition with additional precipitation needed to restore soil moisture and fill stock tanks.
Texas Cash Markets for the week ending Feb. 16:
•Feeder steers, $172.61/cwt
•Fed cattle, $123/cwt
•Slaughter lambs, $147.50/cwt
•Slaughter goats, $229.50/cwt
•Grain sorghum, $12.00/cwt
•Cabbage, $6.25/50 lbs
•Feeder cattle, $143.37/cwt
•Fed cattle, $126.50/cwt
•Lumber, $399.80/1000 bd ft.
The cash prices above are market averages for locations covered by the U.S. Department of Agriculture 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 the Texas Department of Agriculture at 1-800-835-5832 or visit the website, http://www.TexasAgriculture.gov.