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Agriculture Today

Texas Cash Market recap, March 30




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April 10, 2013 | 3205 views | Post a comment

AUSTIN -- For the week ending March 30, feeder cattle price trends reported by Texas auctions were $4 lower to $6 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $7 higher and the Oklahoma City National Stockyards were steady to $3 higher. Feeder prices got a boost early in the week from a favorable U.S. Department of Agriculture (USDA) Cattle on Feed report, but sagged mid-week due to ongoing deeply negative cattle feeding margins. Then, later in the week, the feeder cattle market pushed higher in response to higher fed cattle prices, higher cattle futures and sharply lower grain prices. Fed cattle cash prices were $1.50 higher, but wholesale beef values were lower. Weekly beef export sales were higher than expected and higher than the prior four-week average. Cotton prices were higher on reports that China will continue buying cotton even as it releases substantial quantities of its cotton reserves. Weekly export sales came in higher than the previous week, but lower than the prior four-week average. Wheat prices were lower because of improved moisture conditions on the U.S. Plains and a USDA report showing higher-than-expected wheat stocks on hand. Corn prices were higher early in the week due to increased ethanol production and possible planting delays in the Midwest. However, prices fell after USDA reported higher-than-expected corn stocks on hand and that U.S. farmers intend to plant the largest corn acreage since 1936.  . . .

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