Texas Cash Market recap, Aug. 24
AUSTIN -- For the week ending Aug. 24, feeder cattle prices reported by Texas auctions were mostly steady to $8 higher per hundredweight (cwt). Texas direct feeder cattle sales were steady to $2 higher, and the Oklahoma City National Stockyards were steady to $3 higher. Tight supplies, lower grain prices than at this time last year, and improved fed cattle prices continued to support the market. Fed cattle cash prices were steady. Wholesale beef prices were higher for Choice, but lower for Select-grade offerings. Weekly beef export sales were up 26 percent from the previous week and 34 percent higher than the prior four-week average, but shipments were lower.
Cotton prices were lower mostly due to speculative selling of the underlying futures contract. U.S. production will be lower this year; however, increased production in India, large world stocks and uncertainty about Chinese cotton policies also pressured the market. Weekly cotton export sales were more than double both the previous week and the prior four-week average. Shipments were down 14 percent from the previous week, but up 52 percent from the average. Corn prices were higher on forecasts for warmer, drier weather in the Corn Belt. Corn export sales were higher than in the previous week, but down 31 percent from the prior four-week average and well below the weekly total needed to meet U.S. Department of Agriculture (USDA) projections for the marketing year. Wheat prices declined due to larger production forecasts for Australia and Canada and continued strong export competition from other suppliers. Wheat export sales for the week were up one percent from the previous week and higher than the weekly average needed to meet USDA projections for the marketing year, but were down 20 percent from the prior four-week average.
Futures markets were higher for feeder cattle and corn, but lower for fed cattle, cotton, wheat, and lumber. Most of the state recorded little or no rainfall during the week, though one-half inch or more of rain fell in scattered locations statewide. The heaviest amounts were reported in South Texas and along the coast.
Texas Cash Markets for the week ending Aug. 24:
•Feeder steers, $172.17/cwt
•Fed cattle, $123/cwt
•Slaughter lambs, $113/cwt
•Slaughter goats, $165/cwt
Futures markets: •Feeder cattle, $155/cwt
•Fed cattle, $123.10/cwt
•Lumber, $313.50/1000 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.