For the week ending July 24, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight, though a few locations were as much as $5 lower. Tight supplies of feeder cattle, lower grain prices and fed cattle prices that were up $1 for the week all contributed to the increase. Steady to higher wholesale beef prices helped push fed cattle markets higher. Cotton prices were higher on good export sales and prospects for increased Chinese purchases. Wheat prices increased as hot, dry weather in Europe threatened to reduce global supplies and thus increase demand for U.S. wheat. Corn was lower as favorable growing conditions boosted prospects for a large crop this year. As for futures markets, feeder cattle, fed cattle, cotton, wheat and lumber were higher, while corn was lower. Parts of the High Plains, South Texas and the Gulf Coast had up to eight inches of rain during the week, while little to no precipitation was reported elsewhere in the state. Soil moisture was rated mostly adequate to short. Some very short conditions were noted in East Texas and the Trans-Pecos, and surplus moisture impacted parts of South Texas and the Gulf Coast. Wheat harvest has been completed in most areas and field preparations for this year’s plantings are underway in some locations. Cotton is squaring on 92 percent of the acreage, ahead of the normal pace, and bolls are opening on 6 percent. Corn was in the dough stage on 57 percent of the acreage and 30 percent of the crop is mature, both behind average. Grain sorghum is 16 percent harvested, also behind the average. Cotton, corn, peanuts and rice were rated in mostly good to excellent condition, while grain sorghum and pastures were mostly good to fair.
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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.
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.
