Texas Cash Market recap, July 20
AUSTIN -- For the week ending July 20, feeder cattle prices reported by Texas auctions were mostly $3 lower to $4 higher per hundredweight (cwt) early in the week, and steady to $8 higher later in the week. Texas direct feeder cattle sales were unevenly steady. Prices at the Oklahoma City National Stockyards were steady to $2 lower on feeders, but steady to $4 higher on calves. Widespread rains slowed cattle movement resulting in very light receipts at many locations. Limited feeder cattle supplies, a dip in grain prices and prospects for improved pasture conditions supported the market. However, deeply negative cattle feeding margins continued to limit the gains. Fed cattle cash prices were steady, and wholesale beef prices were lower for choice-grade offerings and higher for select.
Cotton prices were higher based on stronger exports and concerns that supplies will become very tight before cotton from this year’s harvest is available. Weekly cotton export sales were 54 percent higher than the previous week and up four percent from the prior four-week average, but much below the weekly average needed to meet U.S. Department of Agriculture (USDA) marketing year projections. Wheat prices were lower because of increasing harvest-time supplies, prospects for higher production in Europe and lower-priced export offerings from Europe and Russia. Weekly wheat export sales were down from last week’s total, but still 23 percent higher than the prior four-week average. Corn prices were slightly lower as prospects for a large 2013 crop continued to pressure the market. Corn export sales were down 61 percent from the previous week and down 44 percent from the prior four-week average. They also were well below the average needed to meet projections for the soon-to-end marketing year.
As for futures markets, feeder cattle, fed cattle, cotton, and lumber were higher, but wheat and corn were lower. Beneficial rain fell statewide during the week with totals ranging from a trace to more than five inches in some locations.
Texas Cash Markets for the week ending July 20:
•Feeder steers, $169.84/cwt
•Fed cattle, $118.99/cwt
•Slaughter lambs, $97.50/cwt
•Slaughter goats, $170/cwt
•Feeder cattle, $152.25/cwt
•Fed cattle, $121.97/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.