Texas Cash Market recap, Aug. 17
AUSTIN -- For the week ending Aug. 17, feeder cattle prices reported by Texas auctions were steady to $7 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $3 higher, and the Oklahoma City National Stockyards were $3 to $5 higher. The likelihood of lower grain prices this fall, along with higher fed cattle and beef prices supported the market. Fed cattle cash prices were $2 higher per cwt, and wholesale beef prices were higher. Beef export sales were up 43 percent from the previous week and one percent higher than the prior four-week average. Weekly shipments were the highest for any one week so far this year, but cumulative shipments are still down 17.5 percent from the same period a year ago.
Cotton prices were higher after the U.S. Department of Agriculture’s (USDA) production forecast and projected ending stocks came in lower than expected and cotton condition ratings declined. Export sales for the first full week of the cotton marketing year totaled 38,500 bales, which is up 15 percent from the previous week and two percent higher than the prior four-week average. Corn prices were higher following a lower than expected USDA production forecast and lower-projected ending supplies. Corn export sales were a negative 59,100 metric tons as cancellations out-weighed new sales. Wheat prices followed other grains higher, but the increase was limited by large production in Europe and strong export competition from lower-cost suppliers. Weekly wheat export sales were down 33 percent from the previous week and 34 percent lower than the prior four-week average.
Futures markets for feeder cattle, fed cattle, cotton, wheat, corn, and lumber were higher. Much of the state from the Upper Coast to the South Plains and Panhandle received one-half inch or more of rain during the week, while other areas reported little or no rainfall.
Texas Cash Markets for the week ending Aug. 17:
•Feeder steers, $175.26/cwt
•Fed cattle, $122.95/cwt
•Slaughter lambs, $87.50/cwt
•Slaughter goats, $162/cwt
•Pine saw logs, $177.27/1000 bd ft.
•Pine pulpwood, $5.59/ton
Futures markets: •Feeder cattle, $154.77/cwt
•Fed cattle, $123.90/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.