For the week ending Sept. 18, feeder cattle prices at Texas auctions were mixed, mostly $2 to $6 lower per hundredweight, with a few locations to $9 lower, a few to $4 higher and some steady. Increasing numbers of spring-born calves are coming to market, pulling prices seasonally lower, with higher grain prices adding to the decline. Fed cattle prices were modestly higher in spite of lower wholesale beef prices. Cotton prices were sharply higher because of continued tight supplies, possible export restrictions by India and much better than expected export sales. Ongoing concerns that actual corn yields are lower than the most recent USDA forecast pushed corn prices above $5 per bushel for the first time since September 2008. Other grains followed corn higher. As for futures markets, feeder cattle, fed cattle, cotton, wheat and corn were higher while lumber was lower. Rainfall during the week ranged from a trace to more than six inches with the heaviest amounts falling in the Coastal Bend and Lower Rio Grande Valley. The rains have been mostly beneficial, but have caused harvest delays in some areas. Topsoil moisture was reported to be mostly adequate to short with surplus conditions noted in parts of South Central Texas and along the Gulf Coast. Cotton harvest progressed to 14 percent complete, slightly behind normal, and bolls were opening on 53 percent of the acreage. Corn harvest was also behind normal at 57 percent complete, and 77 percent of the acreage was reported mature. Grain sorghum was 46 percent harvested and 66 percent mature. Winter wheat seedings were slightly ahead of normal at 25 percent complete. Cotton, grain sorghum, corn, rice and pastures were reported in mostly good to fair condition, while peanuts were rated mostly good to excellent.
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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.
