For the week ending June 19, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight, with a few locations to $4 lower. Tighter supplies of quality feeder cattle and good summer grazing in many areas continue to support markets. Fed cattle prices were lower as wholesale beef values continued to decline. Cotton prices were higher on expectations for stronger export demand. Corn and grain sorghum were higher on prospects for additional exports to China and concerns about poor weather conditions in the Midwest. Wheat prices received a boost from reports of reduced plantings in Canada. As for futures markets, feeder cattle, cotton, wheat and corn were higher, while fed cattle and lumber were lower. Most areas of the state received rainfall during the week with amounts ranging from a trace to more than five inches with reports of localized flooding in some areas. Topsoil moisture levels remained mostly short to adequate. Wheat harvest began on the Northern High Plains and was 43 percent complete statewide, well behind the normal 56 percent. The corn crop was 98 percent emerged and 29 percent of the acreage was in dough stage. Cotton planting was nearing completion and seven percent of the crop is setting bolls. Grain sorghum planting advanced to 93 percent complete and 45 percent of the acreage was headed. Most crops and pastures were reported in mostly good to fair condition, with corn and rice rated mostly good to excellent.
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.
