For the week ending Sept. 25, feeder cattle prices at Texas auctions were mostly steady to $5 lower per hundredweight, with a few locations as much as $10 lower and a few to $2 higher. Tight overall supplies continue to support prices above a year ago, though higher grain prices and lower futures markets added to seasonal declines from a week earlier. Cash fed cattle prices were up slightly as higher beef values early in the week offset a report showing higher than expected feedlot inventories. Cotton prices were higher as tight global supplies, better than expected export sales and improved domestic mill usage continue to support the market. Concerns about corn yields and a weaker dollar helped push corn and grain sorghum prices higher. As for futures markets, cotton, corn and lumber were higher while feeder cattle, fed cattle and wheat were lower. Much of the state saw scattered showers during the week, with the heaviest rainfall totals in excess of three inches along the Gulf Coast, on the Low Plains and in the Cross Timbers region. Topsoil moisture was rated mostly adequate to short, with some very short areas in East Texas and surplus conditions along the Gulf Coast and in South Central Texas. Cotton harvest was behind normal at 14 percent complete, and bolls were opening on 58 percent of the acreage. Grain sorghum was 60 percent harvested and 79 percent of the crop was rated mature. Corn harvest progressed to 64 percent complete statewide and was nearing completion in the Blacklands region. Winter wheat seedings were 36 percent complete, slightly behind the average pace, and 9 percent of the acreage has emerged. Cotton, corn, grain sorghum 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.
