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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.
As for futures markets, cotton was higher, but feeder cattle, fed cattle, wheat, corn, and lumber were lower. Most of the area north and east of a line from Victoria to Odessa received precipitation during the week with one-half inch or more in Southeast Texas, parts of the Panhandle and the Low Plains, and in the far western Trans-Pecos. Statewide, soil moisture supplies remained mostly short to adequate. Winter wheat was rated in mostly fair to poor condition. Recent precipitation has helped the crop, but more moisture will be needed soon. Spring field preparations are continuing statewide and some corn and grain sorghum has been planted in the South Texas, Upper Coast, and Blacklands regions. However, dry conditions have delayed planting in some areas. Vegetable crops are progressing well with harvest underway for cabbage and other vegetable crops. Pastures were rated in mostly fair to poor condition with many needing additional precipitation.
Texas Cash Markets for the week ending Feb. 23:
•Feeder steers, $172.42/cwt
•Fed cattle, $123.04/cwt
•Slaughter lambs, $156/cwt
•Slaughter goats, $233/cwt
•Grain sorghum, $11.84/cwt
•Cabbage, $5.75/50 lbs
•Feeder cattle, $141.25/cwt
•Fed cattle, $126.35/cwt
•Lumber, $376.40/1000 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 the Texas Department of Agriculture (TDA) at 1-800-835-5832 or visit the website, http://www.TexasAgriculture.gov.
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