Texas Cash Market recap, Aug. 3
AUSTIN -- For the week ending Aug. 3, feeder cattle prices reported by Texas auctions were steady to $8 higher per hundredweight (cwt) with a few reporting prices as much as $15 higher. Texas direct feeder cattle sales were steady to $3 higher. The Oklahoma City National Stockyards were steady to $4 higher on feeder cattle and $3 to $8 higher on calves. Improved pasture conditions in some areas and prospects for lower grain prices this fall once again supported prices, especially for lighter-weight cattle. However, deeply negative cattle feeding margins continued to limit the gains. Fed cattle cash prices were steady. Wholesale beef prices were near unchanged for choice-grade offerings and lower for select.
Cotton prices were unchanged for the week as concerns about the weather -- too dry in much of Texas and too wet in parts of the Southeast -- were offset by worries about Chinese demand and weak exports. Cotton export sales were down from both the previous week and prior four-week average, and well below the level needed to meet marketing year projections. Wheat prices were higher due to strong Chinese demand, concerns about the quality of the French crop and indications that world production may be lower than current forecasts. Weekly wheat export sales were down 10 percent from the previous week and 36 percent lower than the prior four-week average, but still higher than the weekly average needed to meet U.S. Department of Agriculture (USDA) projections for the marketing year. Corn prices were again lower as favorable weather in the Corn Belt continues to improve the prospects for a large 2013 crop. Corn export sales were up from the previous week, but lower than the average needed to meet marketing year projections.
As for futures markets, feeder cattle, and wheat were higher, but fed cattle, cotton, corn, and lumber were lower. An inch or more of rain fell during the week in parts of West Texas, the upper Panhandle and isolated locations in East Texas. However, the rest of the state recorded little or no rainfall.
Texas Cash Markets for the week ending Aug. 3:
•Feeder steers, $166.13/cwt
•Fed cattle, $119/cwt
•Slaughter lambs, $97.50/cwt
•Slaughter goats, $167/cwt
Futures markets: •Feeder cattle, $153.72/cwt
•Fed cattle, $120.65/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.