Texas Cash Market recap, June 15
AUSTIN -- For the week ending June 15, feeder cattle prices reported by Texas auctions were $4 lower to $5 higher per hundredweight (cwt) compared to the previous week with a few locations as much as $7 higher. Texas direct feeder cattle sales were firm to $4 higher, and prices at the Oklahoma City National Stockyards were up $1 to $3. As in past weeks, 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, with choice-grade cuts falling below $200 per cwt for the first time since late April.
Cotton prices were higher amid ongoing concerns about dry conditions on the Texas Plains and a favorable U.S. Department of Agriculture (USDA) supply and demand report. Wheat prices were lower due to increasing harvest-time supplies and a higher than expected 2013 U.S. production forecast. Weekly wheat exports were higher than the average needed to meet projection for the marketing year. Corn and grain sorghum prices were lower after projected ending supplies came in higher than expected, though the declines were limited by concerns over planting delays in the Corn Belt and expectations that final planted acres will come in well below intentions. Corn export sales also were supportive, with weekly commitments well above the level needed to meet marketing year projections.
As for futures markets, cotton was higher; however, feeder cattle, fed cattle, corn, wheat, and lumber were lower. Rain fell statewide during the week, with amounts ranging from only a few hundredths of an inch in many locations to more than five inches in parts of South Texas from Del Rio to Laredo.
Texas Cash Markets for the week ending June 15:
•Feeder steers, $154.25/cwt
•Fed cattle, $120.00/cwt
•Slaughter lambs, $87.50/cwt
•Slaughter goats, $177/cwt
•Onions, $8.00/50 lbs
•Pine Saw Logs, $169.82/1000 bd ft.
•Pine Pulpwood, $5.93/ton
Futures markets: •Feeder cattle, $143.40/cwt
•Fed cattle, $119.00/cwt
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.