Texas Cash Market recap, Sept. 14
AUSTIN -- For the week ending Sept. 14, feeder cattle prices reported by Texas auctions were $8 lower to $6 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were steady and the Oklahoma City National Stockyards were mostly steady to $1 higher. Several locations noted significant discounts on unweaned calves compared to their weaned counterparts. Tight supplies continue to support feeder cattle prices, but volatile grain markets have created more uncertainty for feeder cattle buyers. Fed cattle prices were steady. Wholesale beef prices were lower. Weekly beef export sales were up six percent from last week and eight percent higher than the prior four-week average. Cumulative sales for the year are down 15.1 percent from this time a year ago.
Cotton prices were higher after U.S. Department of Agriculture’s (USDA) production forecast and projected ending cotton stocks came in lower than expected. Exports were also supportive with weekly sales 53 percent higher than the prior four-week average and shipments up 8 percent from the previous week. Corn and grain sorghum prices were lower following a USDA forecast showing a record-large corn crop and higher end-of-year supplies. Weekly corn export sales for the week for the current marketing year were lower than the average needed to meet USDA projections and sales for the just-completed 2012-13 marketing year were again negative as cancellations outweighed new commitments. Wheat prices were lower due to large world supplies and export competition from lower-priced overseas sources. Wheat export sales were down 19 percent from a week ago and one percent below the prior four-week average, but higher than the weekly average needed to meet USDA projections for the marketing year.
Futures markets were higher for feeder cattle, cotton, and lumber, but lower for fed cattle, wheat, and corn. Parts of South Texas and the Panhandle received one-half inch or more of rain during the week, while other areas of the state recorded little or no rainfall.
Texas Cash Markets for the week ending Sept. 14:
•Feeder steers, $170.18/cwt
•Fed cattle, $122.99/cwt
•Slaughter lambs, $100/cwt
•Slaughter goats, $165/cwt
Futures markets: •Feeder cattle, $157.30/cwt
•Fed cattle, $125.25/cwt
•Lumber, $344/1000 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.