Texas Cash Market recap, Oct. 12
AUSTIN -- For the week ending Oct. 12, most of the cash prices normally covered by this recap remained unavailable because of the partial federal government shutdown. Feeder cattle prices reported by Texas auctions were steady to $8 higher per hundredweight (cwt). Smaller cattle supplies and lower corn prices continued to support the market. Fed cattle prices were up $2 per cwt from the previous week, according to the Texas Cattle Feeders Association. Feeder cattle and fed cattle futures prices were both higher for the week.
Cotton futures were lower because of the drop in equities markets early in the week and forecasts for larger world supplies. The International Cotton Advisory Committee lowered its world production estimate, but also reduced its estimate of mill usage, resulting in higher than projected world supplies. Wheat futures prices were higher, as expectations for smaller production this year in Argentina and the Black Sea region are expected to boost worldwide demand for U.S. wheat. Corn futures prices were lower due to ongoing reports of higher than expected yields, favorable harvest weather in many areas, and reports of a draft proposal by the U.S. Environmental Protection Agency that would reduce the ethanol usage mandates for 2013 and 2014.
Rain fell statewide during the week with totals in excess of two inches common in Central, East, and Southwest Texas, as well as on the Southern Low Plains. Some locations received 8 inches or more of rain, with much of that falling on Oct. 12-13. The weekly U.S. Department of Agriculture (USDA) National Agricultural Statistics Service “Texas Crop Progress and Condition” report is not available.
Texas Cash Markets for the week ending Oct. 12:
•Fed cattle, $128/cwt*
•Pine saw logs, $188.22/1000 bd ft
•Pine pulpwood, $6.31/ton
•Feeder cattle, $167.47/cwt
•Fed cattle, $128.80/cwt
*Reported in the Texas Cattle Feeders Association daily volume and price summary.
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.