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TDA market recap: Nov. 23
AUSTIN -- For the week ending Nov. 23, Texas auctions reported feeder cattle prices were mostly steady to $8 lower per hundredweight (cwt), but a few were $2 higher on a portion of their offerings. Texas direct feeder cattle sales were steady to $3 lower. Tight cattle supplies and grain prices that were much lower than a year ago have kept the market at near record-high levels. Fed cattle cash prices were $1 lower compared to the previous week following a decline in wholesale beef values. Weekly beef export sales were up 40 percent from the previous week and well above the prior four-week average. Cumulative sales for the year are down 16 percent from this time last year.
Cotton prices were lower amid ongoing uncertainty about Chinese cotton policies and reports that its cotton imports fell 42 percent during October. The news more than offset a lower Chinese production forecast. In addition, cotton export sales for the week were down 35 percent from the previous week and lower than the average needed to meet U.S. Department of Agriculture (USDA) projections for the marketing year. Corn and grain sorghum prices were higher after weekly corn export sales came in above expectations and were more than three times higher than the average needed to meet annual projections. However, the gains were limited as markets continue to adjust to this year’s record large U.S. corn crop. Wheat prices were higher due to reports of unfavorable weather in Australia and Argentina, as well as strong export data.
Weekly export sales were higher than expected, and more than double both the previous week and the weekly average needed to meet USDA projections for the year.
Futures markets were higher for wheat, unchanged for corn, and lower for feeder cattle, fed cattle, cotton, and lumber. Precipitation fell statewide last week with totals of two or more inches reported in parts of South and East Texas and along the Coastal Bend.
Texas Cash Markets for the week ending Nov. 23:
•Feeder steers, $192.04/cwt
•Fed cattle, $131/cwt
•Slaughter lambs, $154/cwt
•Slaughter goats, $210/cwt
•Grain sorghum, $7.50/cwt
•Feeder cattle, $163.50/cwt
•Fed cattle, $131.47/cwt
•Lumber, $359.60/1000 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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