Texas Cash Market recap, Feb. 23
AUSTIN --For the week ending Feb. 23, feeder cattle prices reported by Texas auctions were uneven, from $7 lower to $6 higher per hundredweight (cwt), with most on the steady to lower end of that range. Texas direct feeder cattle sales were $3 to $8 lower. The Oklahoma City National Stockyards were mostly steady to $4 higher, except heifer calves were steady to $2 lower. Fed cattle cash prices were unchanged from the prior week. Choice beef prices were higher, but select-grade offerings were lower. Tight cattle supplies continue to support the market, but stagnant to lower beef prices have deepened negative beef processing margins, which have caused fed cattle prices to drop. That has, in turn, pulled feeder cattle prices lower. Cotton prices were higher on expectations for lower plantings this year. A stronger dollar pulled grain prices lower. For wheat, beneficial moisture in U.S. winter wheat areas added to the decline. For corn, projections for much larger production in 2013 also pressured prices. . . .
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