Texas Cash Market recap, June 8
AUSTIN -- For the week ending June 8, feeder cattle prices reported by Texas auctions ranged from $2 lower to $5 higher per hundredweight (cwt) compared to the previous week, with a few locations as much as $8 higher. Texas direct feeder cattle sales were steady at $4 higher, and prices at the Oklahoma City National Stockyards were up $3 to $6 from the previous sale. Negative cattle feeding margins, lower feeder cattle futures, and lower beef prices pressured the market, while tight supplies and improved pasture conditions in some areas remained supportive. Fed cattle cash prices were down $2 from a week ago. Wholesale beef prices were lower for the week, but remain at historically high levels above $200 per cwt.
Cotton prices were higher amid continuing concerns about dry conditions in major producing areas around Lubbock and strong export sales that were up 57 percent from the previous week and 80 percent higher than the prior four-week average. Wheat prices were lower because of weak export demand and reports of more favorable growing weather in Europe, but declines were limited by continued dry weather on the U.S. Plains. Cumulative weekly wheat exports for the marketing year that ended May 31 were lower than U.S. Department of Agriculture (USDA) projections, resulting in higher beginning stocks for the new marketing year. Corn and grain sorghum prices were higher due to ongoing planting delays in the Corn Belt and expectations that planted acres will come in well below the intended acreage. Corn export sales were up 25 percent from the previous week, but down 19 percent from the prior four-week average.
As for futures markets, cotton, corn, and lumber were higher, but feeder cattle, fed cattle, and wheat were lower. Rain fell statewide during the week, with totals of 2 inches or more reported in scattered locations across the state.
Texas Cash Markets for the week ending June 8:
•Feeder steers $154.02/cwt
•Fed cattle, $122.00/cwt
•Slaughter lambs, $87.50/cwt
•Slaughter goats, $168/cwt
•Onions, $9.00/50 lbs
Futures markets: •Feeder cattle, $143.62/cwt
•Fed cattle, $120.12/cwt
•Lumber, $308.90/1000 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.