For the week ending Nov. 13, feeder cattle price trends at Texas auctions were mixed with some locations steady to $5 higher per hundredweight and others steady to $4 lower. Demand remains strong for the available cattle, but volatile feed grain prices applied downward pressure. Fed cattle prices were higher than a week ago and remain well above last year’s levels. Cotton and grain prices were lower to sharply lower after China raised interest rates to slow economic growth and reduce inflation. China is a major destination for global exports and anything that might reduce its demand for commodities has an impact worldwide. As for futures markets, feeder cattle, fed cattle and lumber were higher, while cotton, wheat and corn were lower. Much of the state east of Interstate 35 and north of Interstate 20 reported rainfall with amounts of more than two inches in isolated areas. Little or no rain was reported in other locations. Topsoil moisture was rated in mostly adequate to short supply statewide. Cotton harvest was 68 percent complete with bolls open on 99 percent of the acreage, both ahead of the normal pace. The corn crop was 97 percent harvested and grain sorghum harvest is 90 percent complete. Winter wheat seedings are 90 percent complete and 72 percent of the acreage has emerged, both slightly behind normal. In many areas, the crop needs additional rainfall to boost emergence and growth. Cotton, corn, grain sorghum and peanuts were reported in mostly good to fair condition, while wheat and pastures were rated mostly fair to good.
All cash prices above are market averages for locations covered by the TDA 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. Futures prices are quoted for the nearest month contract on the last trading day of the week. For additional information, contact TDA Market News at (800) 252-3407 or visit our website, www.tdamarketnews.com.