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 500-600 pound medium and large No.1 steers at the Oklahoma City National Stockyards. Futures prices are quoted for the nearest month contract on the last trading day of the week. For additional information, contact TDA at (800) 835-5832 or visit our website, http://www.texasagriculture.gov/.
Tuesday, February 14, 2012
Agricultural Market Summary Feb 14, 2012
Feeder cattle prices last week at Texas auctions covered by USDA Market News were mostly steady to $5 higher per hundredweight, with a few to $10 higher and some to $10 lower. Texas direct feeder sales were $1 to $3 higher. Oklahoma City was mostly steady on feeder cattle and steady to $8 higher on calves with steers posting the biggest gains. Fed cattle cash prices were unchanged from a week ago in moderate trade as packers continue to limit purchases and cut slaughter rates in response to stagnant beef prices and ongoing negative margins. Cotton and grain prices ended the week lower after USDA reported larger than expected world supplies, a stronger dollar and continued concerns that the European debt crisis will stifle demand. However, losses were limited due to tight domestic grain supplies, ongoing concerns about South American crops and worries that cold weather in Eastern Europe may have damaged their winter wheat. As for futures markets, lumber was higher, while feeder cattle, fed cattle, cotton, wheat and corn were lower. Most of the state east of the Pecos recorded precipitation during the week, with the heaviest amounts in South and Southeast Texas. Topsoil moisture remained in short to very short supply in much of west and south Texas, while the remainder of the state was mostly short to adequate. Some areas of surplus moisture were again reported, mostly in the Blacklands region and in East Texas. Winter wheat was 98 percent emerged and in mostly good to poor condition. Preparations for spring planting are underway in many areas. Winter vegetable harvest is progressing. Pastures were rated in mostly fair to very poor condition.