TDA Market Report
AUSTIN -- For the week ending June 21, Texas auctions quoted feeder cattle prices steady to $12 higher per hundredweight (cwt), with a few as much as $20 to $30 higher on some classes. Texas direct feeder cattle prices were mostly $1 to $4 higher, with some $8 higher. Strong demand and limited supplies of feeder cattle continue to support the market. Fed cattle cash prices were almost $3 higher per cwt. Wholesale beef values were $9 to $10 higher per cwt.
Cotton prices were lower as ongoing rains on the Texas Plains boosted prospects for this year’s crop.
Wheat prices were higher due to harvest delays on the U.S. Southern Plains, reports of lower than expected yields and concerns about the quality of this year’s crop. However, price gains were limited by ongoing concerns about large world supplies, weak international demand, and increasing harvest-time supplies.
Corn and grain sorghum prices were higher, mostly due to concerns about excessive rains and storm damage in the Corn Belt. River flooding that has slowed barge traffic also may have been a factor. On the other hand, overall crop conditions still favor a large corn crop this year and export data was disappointing.
Most of the state received rainfall during the week with totals of 1 inch or more common in parts of East, North, and West Texas. Totals of 5 inches or more were reported southwest of Fort Worth and along the border from Laredo to Del Rio. Last week’s U.S. Drought Monitor showed a slight decline in overall conditions in Texas, with 90 percent of the state rated in some degree of drought or abnormal dryness, up from 89 percent a week ago. Areas in extreme drought declined, but areas in moderate drought expanded. Much of East Texas and a section of South Texas remain drought-free. Nationally, 45 percent of the contiguous states were reported as abnormally dry or in some degree of drought, down 1 percentage point from a week ago.
Texas Cash Markets for the week ending June 21:
•Feeder steers, $200.06/cwt
•Fed cattle, $149.56/cwt
•Slaughter lambs, $157.50/cwt
•Slaughter goats, $213/cwt
•Grain sorghum, $7.97/cwt
•Feeder cattle, $206.87/cwt
•Fed cattle, $147.55/cwt
•Lumber, $328.70/1000 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.