Texas Cash Market recap, May 11
AUSTIN -- For the week ending May 11, feeder cattle prices reported by Texas auctions ranged from $10 lower to $5 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were $3 to $7 lower and the Oklahoma City National Stockyards were steady to $4 lower. In many locations, heavier-weight cattle were on the lower end of the price spectrum. Lower fed cattle markets, lower feeder cattle futures, and continued negative cattle feeding margins pressured the market. However, tight supplies and improved pasture conditions in some areas were also supportive. Fed cattle cash prices were $2 lower. Choice wholesale beef prices hit a new record-high of $205.49 per cwt on Thursday and were up more than $3 per cwt for the week. Weekly beef exports fell to less than half the prior four-week average and cumulative sales for the year were nearly 10 percent behind last year’s pace.
Cotton cash prices were lower, but futures were higher because the slow planting progress, a report that planted acres in South Texas were nearly half of normal and projections for much smaller than expected U.S. production in 2013. Weekly cotton exports were slightly less than the average needed to meet projections for the marketing year. Wheat prices declined following beneficial rains on parts of the U.S. Plains and much lower than expected weekly export inspections. The first U.S. Department of Agriculture (USDA) winter wheat production forecast for 2013 showed production down 10 percent for the United States and 44 percent lower in Texas as drought reduced both harvested acres and yield. Corn prices were lower due after reports showed lower than expected weekly export sales and higher than expected projected ending stocks.
As for futures markets, cotton was higher, but fed cattle, feeder cattle, wheat, corn, and lumber were lower. Almost all of the state received rainfall during the week with totals of one-half inch or more common in East, Central, and South Texas and parts of the Plains.
Texas Cash Markets for the week ending May 11:
•Feeder steers, $153.12/cwt
•Fed cattle, $125.95/cwt
•Slaughter lambs, $110/cwt
•Slaughter goats, $190/cwt
•Onions, $13/40 lbs
Futures markets: •Feeder cattle, $135.37/cwt
•Fed cattle, $120.45/cwt
•Lumber, $335/1000 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 the Texas Department of Agriculture at 1-800-835-5832 or visit the website, http://www.TexasAgriculture.gov.