Sunday, December 11, 2016
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Texas Cash Market recap, March 23
AUSTIN -- For the week ending March 23, feeder cattle price trends reported by Texas auctions were mostly steady to as much as $8 lower, though a few locations also noted higher prices on at least a portion of their offerings. The Oklahoma City National Stockyards were $1 to $3 lower on feeders and $3 to $6 lower on calves, while Texas direct feeder cattle sales were steady to $4 lower. Tight feeder supplies continue to provide some support for the market, but not enough to overcome the impact of negative cattle feeding and packer margins. Fed cattle cash prices were $2 lower than the prior week and wholesale beef values declined. Beef export sales were well below previous weeks and are down 10 percent for the year. Cotton prices were lower on news that China and India will release substantial quantities of their cotton reserves. Also contributing to the decline were disappointing weekly export sales that were down 30 percent from both the previous week and the prior four-week average. 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. Corn prices were higher after a weekly ethanol production report came in higher than expected and news that two ethanol refineries in the eastern Corn Belt are making plans to reopen. . . .
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