Texas Cash Market recap, Aug. 10
AUSTIN -- For the week ending Aug. 10, feeder cattle prices reported by Texas auctions were steady to $7 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $4 higher. The Oklahoma City National Stockyards were $1 to $3 higher. Improved pasture conditions in some areas and prospects for lower grain prices this fall once again supported prices, especially for lighter-weight cattle. Fed cattle cash prices were $2 higher per cwt. Wholesale beef prices were higher.
Cotton prices were higher for the week after China said it would continue buying its surplus domestic production at prices well above world averages. Concerns about hot, dry conditions in much of Texas and excess moisture in parts of the southeastern United States also added to the increase. Cotton export shipments ended the marketing year 11 percent higher than the previous year, but 226,000 bales short of U.S. Department of Agriculture (USDA) projections. Wheat prices were lower, primarily due to weak export demand and higher production estimates from France and Romania. Brazil and China remain steady customers for U.S. wheat, but most other importers are tapping into cheaper supplies from Australia, Western Europe, and the Black Sea region. Weekly wheat export sales were up 22 percent from the previous week, but down 22 percent from the prior four-week average. 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 more than double the previous week and 16 percent above the average.
As for futures markets, feeder cattle, fed cattle, cotton, and lumber were higher, but wheat and corn were lower. Scattered locations statewide received one-half inch or more of rain during the week, with the heaviest totals in the upper Panhandle and parts of West Texas.
Texas Cash Markets for the week ending Aug. 10:
•Feeder steers, $163.88/cwt
•Fed cattle, $120.97/cwt
•Slaughter lambs, $91.00/cwt
Futures markets: •Feeder cattle, $153.85/cwt
•Fed cattle, $122.50/cwt
•Lumber, $308.50/1000 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.