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Texas Cash Market recap, July 27
AUSTIN -- For the week ending July 27, feeder cattle prices reported by Texas auctions were steady to $6 higher per hundredweight (cwt) with a few locations reporting as much as $10 higher. Texas direct feeder cattle sales were steady to $2 higher. The Oklahoma City National Stockyards were steady to $3 lower on steers, but steady to $3 higher on heifers. Somewhat better pasture conditions following recent rains and prospects for lower grain prices this fall supported the markets, especially for lighter-weight cattle. However, deeply negative cattle feeding margins continued to limit the gains. Fed cattle cash prices were steady, and wholesale beef prices were lower.
Cotton prices were lower due to beneficial rains in major Texas growing areas and lower weekly export sales, which will likely leave the total for the soon-to-end marketing year short of the U.S. Department of Agriculture (USDA) projections. Wheat prices were lower as forecasts of higher production in Europe and strong export competition from lower-cost suppliers in the Black Sea region continued to pressure the market. Weekly wheat export sales were down 34 percent from the previous week and 30 percent lower than the prior four-week average. However, the total was still nearly double the weekly average needed to meet USDA projections for the marketing year. Corn prices were lower as beneficial weather in the Corn Belt continues to improve the prospects for a large 2013 crop. Corn export data were mixed as cancellations resulted in net sales of a negative 27,900 metric tons; however, shipments were up 41 percent from the previous week and 19 percent higher than the prior four-week average.
As for future markets, feeder cattle were modestly higher, but fed cattle, cotton, wheat, corn, and lumber were lower. Most of the state recorded rainfall last week with totals of less than one-half inch in many areas, but as much as an inch or more reported in scattered locations statewide.
Texas Cash Markets for the week ending July 27:
•Feeder steers, $163.66/cwt
•Fed cattle, $118.98/cwt
•Slaughter lambs, $104/cwt
•Slaughter goats, $167/cwt
Futures markets: •Feeder cattle, $152.60/cwt
•Fed cattle, $121.80/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.
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