TDA Market Report
AUSTIN -- For the week ending June 14, Texas auctions quoted feeder cattle prices steady to as much as $12 higher per hundredweight (cwt). Texas direct feeder cattle prices were mostly $6 to $12 higher. Strong demand and limited supplies of feeder cattle continue to support the market. Feeder cattle futures on June 13 closed at a new record high of $208 per cwt. Fed cattle cash prices were $1.50 to $2 higher per cwt. Wholesale beef values were higher.
Cotton prices were modestly higher as relatively tight current supplies continued to support the market. Last week’s price declines also stimulated some buying interest.
Wheat prices were lower as large world supplies, weak international demand, and increasing harvest-time supplies pressured the market.
Corn and grain sorghum prices were lower as growing conditions across most of the Corn Belt continue to favor a large crop this year. New-crop corn sales of 105,500 MT were five times higher than a week earlier and up 92 percent from the average.
Much of the state received rainfall during the week with totals of 1 inch or more common across East, Central, and West Texas. Last week’s U.S. Drought Monitor showed a modest improvement in overall conditions in Texas, with 89 percent of the state rated in some degree of drought or abnormal dryness, down from 91 percent a week ago. The areas in the two worst categories -- extreme and exceptional drought -- dropped again this week to 23 percent, which is down from 27 percent last week.
Nationally, the total area rated as abnormally dry or in some degree of drought declined by two points to 46 percent.
Texas Cash Markets for the week ending June 14:
•Feeder steers, $195.74/cwt
•Slaughter lambs, $162.50/cwt
•Slaughter goats, $210/cwt
•Grain sorghum, $7.77/cwt
•Pine Saw Logs, $213.12/1000 bd ft.
•Pine Pulpwood, $7.56/ton
•Feeder cattle, $208.15/cwt
•Fed cattle, $147.60/cwt
•Lumber, $307.80/1000 bd ft.
All cash prices above are market averages for locations covered by the U.S. Department of Agriculture 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.