For the week ending May 1, feeder cattle price trends at Texas auctions were mixed, from $5 lower per hundredweight to as much as $7 higher compared to a week ago. Fed cattle prices were 65 cents lower per hundredweight. Cattle prices may be at or near their spring peak, but tight supplies, lower beef production and higher beef prices continue to support markets at well above year-ago levels. Cotton prices were higher as markets continue to adjust to India’s ban on exports. Unexpected export sales to China helped push corn and grain sorghum prices higher. As for futures markets, feeder cattle, fed cattle and corn were higher, cotton and lumber were lower and wheat was unchanged. Most areas of the state received rainfall during the week with amounts ranging from a trace to 1.5 inches. Topsoil moisture was rated mostly adequate to short though some surplus and some very short conditions were noted. Wheat progressed well with 58 percent of the acreage now headed, slightly behind normal. Corn planting is underway on the Northern High Plains with 75 percent of the crop now planted statewide, only slightly behind the average pace. Cotton planting progressed to 26 percent complete, slightly ahead of normal, with some producers on the Southern High Plains waiting for warmer weather. Pastures were reported in mostly good to fair 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 website, www.tdamarketnews.com.
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