For the week ending April 3, feeder cattle prices at Texas auctions were mostly $1 to $5 higher per hundredweight with continued good demand for stocker cattle to put on summer grazing. Fed cattle prices were 55 cents lower. Grain prices were lower after USDA reported higher than expected stocks of corn in storage, confirmed large stocks of wheat and reported higher than expected planting intentions for spring wheat. The news more than offset lower than expected projections for corn and soybean planted acres. Cotton was higher after USDA confirmed expectations for a larger crop this year and a weaker dollar supported exports. As for futures markets, feeder cattle, fed cattle and cotton ended the week higher, while wheat, corn and lumber were lower. Some parts of Central and Northeast Texas reported up to one-half inch of rain for the week while most other locations had little or no rainfall. Topsoil moisture remained mostly adequate to surplus except for short to very short conditions in parts of the High Plains and West Texas. Wheat benefited from warmer temperatures on the Plains and was reported in mostly good to fair condition statewide with 5 percent of the acreage headed. Cotton planting was behind normal at 6 percent complete as field preparations continued in northern areas of the state. Corn was 40 percent planted with 24 percent of the acreage emerged, both well behind the average for this date. Planting of grain sorghum, rice, soybeans and other spring crops was also active. Pastures were reported in mostly good to fair condition statewide.
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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.
