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TDA market recap Oct. 19
AUSTIN -- For the week ending Oct. 19, feeder cattle prices reported by Texas auctions were steady to $10 higher per hundredweight (cwt). Smaller cattle supplies, lower corn prices, and improved prospects for fall and winter grazing continued to support the market. The Texas direct feeder cattle report did not include a market trend, but the average price for 650-850 pound steers for current delivery was up $7.58 from the last report on Sept. 27. Feeder cattle futures were lower in response to higher grain futures. Fed cattle cash prices were up $1 per cwt, and fed cattle futures followed the cash market higher.
The U.S. Department of Agriculture (USDA) resumed its daily cotton and grain price reports Oct. 17; however, comparisons to a week prior are not available. Cotton futures were lower, as the advancing harvest put increasing supplies of new-crop cotton on the market. Reports of higher than expected yields in the Southeast and Mississippi Delta, and news of lower Chinese imports contributed to the decline. Wheat futures prices were higher after Argentina reported that its production will likely be much lower than expected. The news offset the impact of more favorable growing weather in the United States and the Black Sea region, as well as news that India may increase its wheat exports. Corn futures prices followed wheat futures prices in an upward trend, despite ongoing reports of higher than expected yields and favorable harvest weather in many areas.
Most of the state recorded rainfall last week with the heaviest totals, with some reports in excess of 2 inches, in Southeast Texas and in a band from north of Del Rio to Texarkana.
Texas Cash Markets for the week ending Oct. 19:
•Feeder steers, n/a
•Fed cattle, $128.87/cwt
•Slaughter lambs, n/a
•Slaughter goats, n/a
•Grain sorghum, $7.57/cwt
•Feeder cattle, $166.07/cwt
•Fed cattle, $129.87/cwt
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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