TDA market recap: Nov. 9
AUSTIN -- For the week ending Nov. 9, Texas auctions reported feeder cattle prices were mostly steady to $7 higher per hundredweight (cwt), with a few as much as $10 higher, but some $6 lower. Texas direct feeder cattle sales were mostly steady. Dwindling numbers of yearling cattle in the auction mix, tight overall supplies, and grain prices that are much lower than a year ago continued to support the market. Fed cattle cash prices declined more than $1 per cwt from the previous week’s record high. Wholesale values were lower for Choice-grade beef, but higher for Select-grade offerings. Weekly beef export sales were a negative 18,500 metric tons, as cancellations outweighed new orders. Shipments totaled 13,300 metric tons; Hong Kong, Japan and Mexico were the top destinations.
Cotton prices were lower due to the advancing harvest and projections for larger United States and world supplies. Weekly export sales were higher than expected and nearly three times higher than the average needed to meet U.S. Department of Agriculture (USDA) projections for the marketing year. However, shipments came in lower than expected. Wheat prices were lower due to continued favorable weather in the United States and lower export prices from India. Weekly export sales were well above expectations and nearly double the weekly average needed to meet annual projections. Corn prices were unchanged and grain sorghum was higher. Forecasts for higher production were offset by much better than expected export sales.
Futures markets were higher for feeder cattle, fed cattle, cotton, and lumber, unchanged for corn and lower for wheat. Most of the state recorded rainfall during the week, with an inch or more reported in parts of South, West-Central, and North Texas.
Texas Cash Markets for the week ending Nov. 9:
•Feeder steers, $184.13/cwt
•Fed cattle, $131/cwt
•Slaughter lambs, $155/cwt
•Slaughter goats, $201/cwt
•Grain sorghum, $7.40/cwt
•Cabbage, $7.50/50 lbs.
•Feeder cattle, $164.42/cwt
•Fed cattle, $132.40/cwt
•Lumber, $372.90/1000 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.