Texas Cash Market recap, March 16
AUSTIN -- For the week ending March 16, feeder cattle price trends reported by Texas auctions varied from $5 lower per hundredweight (cwt) to $5 higher. Texas direct feeder cattle sales were $1 to $4 lower. The Oklahoma City National Stockyards were mostly $1 to $4 lower. Negative cattle feeding margins and high feed prices continue to pressure prices. Fed cattle cash prices were $1 lower than the prior week. Wholesale beef values declined late in the week, which contributed to the weakness in the cattle market. Cotton prices continued to trend higher and received an added push on Friday after China doubled its import quotas. Wheat prices were higher on better-than-expected exports, though the increase was limited by reports of improved moisture conditions in major U.S. growing areas.
As for futures markets, cotton, wheat, and lumber were higher, but feeder cattle, fed cattle and corn were lower. Parts of East Texas recorded a half-inch or more of rainfall during the week, while little or no rain was reported elsewhere in the state last week. According to the weekly U.S. Department of Agriculture (USDA) National Agricultural Statistics Service crop progress and condition report, soil moisture conditions were mostly short to very short statewide. The Coastal Bend and South Texas remained in the worst shape with topsoil moisture rated very short in 72 to 97 percent of the area. Winter wheat was rated in mostly fair to poor condition with an overall condition index of 47 points, unchanged from last week, but lower than the 53 points at this time last year. Corn planting advanced to 42 percent complete, well ahead of both last year and the five-year average. Grain sorghum was 26 percent planted, also ahead of the average. Cotton planted began in the Coastal Bend and along the Upper Coast. Pastures in most areas of the state need additional moisture and are rated in mostly fair to very poor condition.
Texas Cash Markets for the week ending March 16:
•Feeder steers, $158.15/cwt
•Fed cattle, $127/cwt
•Slaughter goats, $210/cwt
•Cabbage, $7.45/50 lbs
•Feeder cattle, $136.67/cwt
•Fed cattle, $125.77/cwt
•Lumber, $394.10/1000 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 TDA at 1-800-835-5832 or visit the website, http://www.TexasAgriculture.gov.