TDA Market Report
AUSTIN -- For the week ending June 28, Texas auctions quoted feeder cattle prices mostly $2 to $10 higher per hundredweight (cwt), with a few steady and some as much as $15 higher. Texas direct feeder cattle prices were $1 to $7 higher. Strong competition for limited supplies of feeder cattle continues to support the market at record or near-record high levels. Fed cattle cash prices were up more than $4 to a new record high of $154 per cwt. Wholesale beef values were $4 to $5 higher per cwt.
Cotton prices were lower as conditions across the Cotton Belt remained favorable for a large 2014 crop. Weak export data also contributed to the decline. Exports of 126,400 bales were up six percent from a week earlier, but down 28 percent from the average and smaller than the weekly total needed to meet projections for the marketing year.
Corn and grain sorghum prices were lower as overall crop conditions continue to favor a large corn crop this year. However, parts of the Corn Belt have experienced localized problems with excessive rains, cool temperatures, and flooding.
Most of the state received rainfall during the week with the heaviest accumulations of 2 inches or more reported in the Coastal Bend, Upper Coast, and East Texas regions. Last week’s U.S. Drought Monitor showed a very slight improvement in overall conditions in Texas, with 89 percent of the state rated in some degree of drought or abnormal dryness, down from 90 percent a week ago. The areas in severe to exceptional drought declined, but areas in moderate drought expanded. Much of East Texas and a section of South Texas remain drought-free.
Nationally, the total area experiencing abnormal dryness or some degree of drought remained unchanged at 45 percent of the contiguous states.
Texas Cash Markets for the week ending June 28:
•Feeder steers, $202.89/cwt
•Fed cattle, $154.08/cwt
•Slaughter lambs, $160.50/cwt
•Slaughter goats, $216/cwt
•Grain sorghum, $7.69/cwt
•Feeder cattle, $214.32/cwt
•Fed cattle, $152.25/cwt
•Lumber, $337.50/1000 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.