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Agriculture Today


TDA market recap: Feb. 8




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February 19, 2014 | 5,779 views | Post a comment

AUSTIN -- For the week ending Feb. 8, Texas feeder cattle auctions reported prices $4 lower to $7 higher per hundredweight (cwt). Many locations had very light receipts due to cold temperatures and icy roads that limited cattle movement. Texas direct feeder cattle prices were $2 to $4 lower. Fed cattle cash prices declined $3.60 per cwt in very light trade, with only 228 head confirmed by the U.S. Department of Agriculture (USDA) at $141. Wholesale beef values were sharply lower, with Choice-grade offerings down $22.72 (10 percent) for the week as retailers caught up on purchases and returned to more normal buying patterns. Those lower prices also pulled fed cattle and feeders lower. However, prices across the cattle sector remain at historically high levels as tight supplies continue to support the market.

Corn and grain sorghum prices were higher because of hot, dry conditions in South America and support from higher soybean prices.

Wheat prices were higher due to a decline in crop conditions and concerns about possible winter-kill on the U.S. Plains and in the Black Sea region.

Weather

Much of East Texas received one-half inch or more of precipitation during the week, but little or no moisture was recorded elsewhere in the state. Last week’s U.S. Drought Monitor showed further deterioration of conditions in Texas, with the area of the state rated as abnormally dry or in drought up more than four points to 85 percent. The areas rated abnormally dry, in moderate drought and extreme drought increased and the percentage in exceptional drought remained near unchanged.

Nationally, 57 percent of the contiguous states were reported in some degree of abnormal dryness or drought, up one point from a week ago.

Texas Cash Markets for the week ending Feb. 10:

•Feeder steers, $164.57/cwt
•Fed cattle, $141/cwt
•Slaughter lambs, $197.50/cwt
•Slaughter goats, $247/cwt
•Cotton, 83˘/lb
•Grain sorghum, $7.80/cwt
•Wheat, $6.53/bu
•Corn, $4.89/bu
•Oranges, $12.60/carton
•Grapefruit, $13.65/carton
•Cabbage, $9.75/50 lbs.
Futures markets:
•Feeder cattle, $167.80/cwt
•Fed cattle, $141.20/cwt
•Cotton, 87.47˘/lb
•Wheat, $6.49/bu
•Corn, $4.44/bu
•Lumber, $354.20/1000 bd ft.


All 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 Texas direct sales of 650-850 pound medium and large No.1 steers for current delivery. Futures prices are quoted for the nearest month contract on the last trading day of the week. Timber prices are from the Texas A&M Forest Service, bimonthly “Texas Timber Price Trends.” For additional information, contact the Texas Department of Agriculture at 800-835-5832 or visit www.TexasAgriculture.gov.
 

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