Texas Cash Market recap, April 20
AUSTIN -- For the week ending April 20, feeder cattle prices reported by Texas auctions were mostly steady to $7 lower per hundredweight (cwt). However, a few sales later in the week reported prices steady to $3 higher on at least a portion of their offerings. Prices on lighter-weight calves again showed the biggest declines. Texas direct feeder cattle sales were $2 to $7 lower and the Oklahoma City National Stockyards were $2 to $6 lower. Negative cattle feeding margins, weak beef prices, high grain prices and lower feeder cattle futures pulled feeder cattle prices lower, while tight supplies and improved pasture conditions in some areas still provided some support for the market. Fed cattle cash prices were $1 lower and wholesale beef values were slightly higher for Choice beef, but lower for Select-grade offerings. Beef export sales for the week came in well above the prior 4-week average, but cumulative sales for the year are down 6.4 percent from the same period a year ago.
Cotton prices declined on reports that freeze-damaged wheat on the Texas Plains may be replanted to cotton and news that China intends to release higher-quality cotton from its reserves, which may reduce it imports. Weekly export sales were higher than both the previous week and the prior 4-week average. Wheat prices fell sharply early in the week due to concerns about global demand, but recovered most of those losses later after weekly exports came in much higher than expected and on reports of additional freeze damage in Texas, Oklahoma, and Kansas. Corn prices also fell early and then recovered later in the week amid concerns about planting delays in the Midwest and reports of improved ethanol margins, which may increase corn usage.
As for futures markets, fed cattle were higher, but feeder cattle, cotton, wheat, corn, and lumber were lower. Much of the state north and east of a line from Corpus Christi to Del Rio to Quanah recorded rainfall during the week, but amounts in excess of one-half inch were limited to Northeast Texas.
Texas Cash Markets for the week ending April 20:
The cash prices below are market averages for locations covered by the U.S. Department of Agriculture 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 at 1-800-835-5832 or visit the website, http://www.TexasAgriculture.gov.
•Feeder steers, $157.08/cwt
•Fed cattle, $125.86/cwt
•Cabbage, $6.75/50 lbs
•Onions, $11.00/40 lbs
Futures markets: •Feeder cattle, $134.02/cwt
•Fed cattle, $126.35/cwt
•Lumber, $360.60/1000 bd ft.