For the week ending June 12, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight, with a few to $8 higher and some locations $1 to $4 lower. Demand remains strong for a tightening supply of high quality feeders. Fed cattle were $2 lower following another decline in wholesale beef prices. Cotton prices were higher on prospects for expanded exports and signs of continued economic recovery in China, the largest customer for U.S. cotton. Corn and grain sorghum were higher after USDA released projections for higher usage for ethanol production. Wheat prices continued to decline, as ample global supplies remain a burden on markets as the U.S. harvest gathers momentum. As for futures markets, feeder cattle, cotton, wheat and corn were higher, while fed cattle and lumber were lower. Parts of East and North Texas recorded up to 10 inches of rain during the week, with scattered showers reported elsewhere. The wheat harvest advanced to 29 percent complete, well behind the normal 39 percent for this date as rains caused delays in some areas. The crop was reported in mostly good to fair condition. Cotton planting was at 93 percent complete, slightly ahead of normal, and 4 percent of the acreage was setting bolls. Corn planting was nearing completion with 46 percent of the crop silking. Grain sorghum was 88 percent planted and 42 percent of the crop was headed. Crops and pastures were reported in mostly good to fair condition statewide.
Click chart to view larger sizeAll 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.
