Texas Cash Market recap, July 6
AUSTIN -- For the week ending July 6, a feeder cattle price trend could not be established as most Texas auctions were closed in observance of the Independence Day holiday. Texas direct feeder cattle sales were $3 to $4 higher per hundredweight (cwt), and prices at the Oklahoma City National Stockyards were up $3 to $5. Fed cattle cash prices were $1 per cwt lower. Wholesale beef prices were again lower for choice cuts, but higher for select-grade offerings.
Cotton cash prices were higher due to the stronger equity market and ongoing concerns about dry conditions in Texas. However, gains were limited by weak exports and improved crop conditions in some areas. Weekly cotton export sales were down 39 percent from the previous week and 67 percent lower than the prior four-week average. Wheat prices declined under pressure from increasing harvest-time supplies and better than expected wheat yields in some areas. Weekly wheat export sales were down from the previous week’s total; however, actual shipments were 43 percent higher. Corn and grain sorghum prices were lower as prospects for a large 2013 crop continued to pressure the market. Corn export sales were down 31 percent from the previous week, but up 42 percent from the prior four-week average. Shipments were more than double the previous week and up 33 percent from the prior four-week average.
As for future markets, feeder cattle, fed cattle, cotton, corn, wheat, and lumber were higher. Much of the state recorded rainfall during the week, but only a few isolated and widely-scattered locations reported totals of one-half inch or more.
Texas Cash Markets for the week ending July 6:
•Fed cattle, $118.99/cwt
Futures markets: •Feeder cattle, $151.80/cwt
•Fed cattle, $121.95/cwt
•Lumber, $304.90/1000 bd ft.
The cash prices above 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.