For the week ending Dec. 11, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight, though a few locations were as much as $10 higher and some were steady to $4 lower. Tight supplies and higher fed cattle prices the past few weeks have supported the market while dry weather, which may limit winter grazing, and volatile grain prices have also applied downward pressure. Fed cattle prices were lower for the week, but remain well above values at this time last year. Cotton prices were higher as USDA lowered its 2010 production forecast and reduced projected end of year stocks to the lowest level since 1925. Wheat prices were modestly higher amid concerns about dry weather in the U.S. and wet weather in Australia. As for futures markets, cotton, wheat, corn and lumber were higher while feeder cattle and fed cattle were lower. Parts of East Texas recorded up to one-half inch of rain during the week, but little or no rainfall was recorded elsewhere in the state. Crop progress and condition information are not available as USDA suspended its weekly report until after the first of the year.
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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