Texas Cash Market recap, April 13
AUSTIN -- For the week ending April 13, feeder cattle price trends reported by Texas auctions varied from $6 lower to $4 higher per hundredweight (cwt). Several indicated that the biggest declines were on lighter-weight calves. Texas direct feeder cattle sales were $1 to $4 lower and the Oklahoma City National Stockyards were steady to $3 lower on feeders, but steady to $2 higher on stockers. Tight feeder supplies continue to support the market and recent rains have boosted demand for stocker cattle to be put back out on pasture. However, higher grain prices and continued negative cattle feeding margins are also putting downward pressure on prices. Fed cattle cash prices were $1 lower and wholesale beef values were lower. Beef export sales for the week came in well below the prior 4-week average, with cumulative sales for the year down 5.5 percent from the same period a year ago. Cotton prices declined after weekly export sales were on the low end of expectations. However, cumulative sales and shipments for the marketing year remain ahead of last year’s pace and there were reassurances from China that it intends to keep importing cotton. Wheat prices fell at mid-week after U.S. Department of Agriculture’s (USDA) supply and demand report showed higher than expected ending wheat stocks, but recovered later on reports of freeze damage in Texas, Oklahoma, and Kansas. Corn prices were higher after projected ending stocks came in on the low end of expectations. Concerns about planting delays in the Corn Belt added to the increase, though much of the area remains in drought and benefited from recent rains. . . .
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