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Texas Cash Market recap, Sept. 28
AUSTIN -- For the week ending Sept. 28, feeder cattle prices reported by Texas auctions were steady to as much as $10 higher per hundredweight (cwt) compared to the previous week. Texas direct feeder cattle sales were steady to $5 higher, and the Oklahoma City National Stockyards were steady to $2 higher. Recent rains that have boosted prospects for fall and winter grazing, as well as smaller supplies and lower grain prices continued to support the feeder cattle market. Fed cattle prices were $2 per cwt higher than a week ago. Wholesale beef prices were modestly higher. Weekly beef export sales were down 45 percent from the previous week and 52 percent higher than the prior four-week average. Cumulative sales for the year are down 14 percent from a year ago.
Cotton prices were higher after China said its crop will be smaller than earlier forecasts, and reports of heavy rains and damaging floods in India. Export sales were down 36 percent from the previous week, 43 percent lower than the prior four-week average and about half the average needed to meet U.S. Department of Agriculture (USDA) projections for the marketing year. Corn and grain sorghum prices were lower last week as the advancing harvest added to new-crop supplies, with reports of better than expected yields in some areas. Weekly corn export sales were up 46 percent from the previous week, but shipments were down 8 percent. Wheat prices were higher because of potential frost damage in Argentina and expectations for continued strong export demand. Wheat exports were down 12 percent from a week ago, but 1 percent higher than the prior four-week average and nearly double the weekly average needed to meet projections for the marketing year.
Futures markets were higher for feeder cattle, fed cattle, cotton, wheat, and corn, but lower for lumber. Rain fell statewide last week with the largest totals of 5 inches or more in parts of Central, South and East Texas.
Texas Cash Markets for the week ending Sept. 28:
•Feeder steers, $169.82/cwt
•Fed cattle, $126/cwt
•Slaughter goats, $169/cwt
Futures markets: •Feeder cattle, $164.12/cwt
•Fed cattle, $128.25/cwt
•Lumber, $341.80/1000 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.
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