For the week ending March 20, feeder cattle prices at Texas auctions were steady to $6 higher per hundredweight. Strong demand for lighter weight cattle for grazing continues to support the market. Fed cattle were $3 higher for the week following a sharp increase in wholesale beef prices. Cotton and corn prices ended the week higher after weekly export sales exceeded expectations. Higher crude oil and concerns about potential planting delays in the Midwest provided additional support for corn. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were higher. Much of the state received precipitation during the week with amounts ranging from a trace to 2 inches of rain. Soil moisture was reported in mostly adequate to surplus supply though some areas primarily in the Northern Plains and Trans-Pecos remain short. Wheat progressed rapidly in most areas with some fields in South Central Texas beginning to head out. The crop was reported in mostly good to fair condition. Corn planting progressed to 38 percent complete, behind the normal 41 percent by this date, with some fields still too wet to plant. Grain sorghum was also behind normal at 24 percent planted. Cotton planting was underway in South Texas with 3 percent of the crop now planted. Field preparations were delayed in some areas by wet conditions. Pastures were reported in mostly fair to good condition.
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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 Web site,
www.tdamarketnews.com.
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