Texas Cash Market recap, June 22
AUSTIN -- For the week ending June 22, feeder cattle prices reported by Texas auctions were $4 lower to $5 higher per hundredweight (cwt) compared to the previous week, with markets becoming a little stronger as the week progressed. Texas direct feeder cattle sales were steady to $3 higher, and prices at the Oklahoma City National Stockyards were up $1 to $3. Shrinking feeder cattle supplies, higher feeder cattle futures, improved pasture conditions in some areas and high beef prices helped push the market higher, while ongoing negative cattle feeding margins limited the increase. Fed cattle cash prices were unchanged from a week ago with very light trading taking place. Wholesale beef prices were near unchanged for choice-grade cuts, but higher for select-grade offerings.
Cotton prices were lower after beneficial rains fell on parts of the Texas Plains, and China said that in the next marketing year, it will revamp its domestic support programs to end direct purchases of excess cotton supplies. Wheat prices were higher due to strong exports, buying interest from China and reports of higher demand for wheat for livestock rations; however, increasing harvest-time supplies limited the gains. Weekly wheat exports were up from the previous week and higher than the average needed to meet projections for the marketing year. Corn and grain sorghum prices were higher amid concerns that hot, dry weather forecasted for the Corn Belt could hurt the late-planted crop. Corn export sales also were supportive, with weekly commitments well above the previous week and higher than the average needed to meet marketing year projections.
As for futures markets, feeder cattle, fed cattle, wheat, corn, and lumber were higher, while cotton was lower. Rain fell over much of the state during the week, with totals of one-half inch or more common in Southeast Texas, the Trans-Pecos region, parts of Central Texas and most of the state north of Interstate 20.
Texas Cash Markets for the week ending June 22:
•Feeder steers, $157.08/cwt
•Fed cattle, $120.00/cwt
•Slaughter lambs, $92.50/cwt
•Slaughter goats, $180/cwt
•Onions, $9.50/50 lbs
Futures markets: •Feeder cattle, $146.92/cwt
•Fed cattle, $121.25/cwt
•Lumber, $288.90/1000 bd ft.
The cash prices above are market averages for locations covered by the U.S. Department of Agriculture’s 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.