For the week ending Oct. 9, feeder cattle prices at Texas auctions were mostly steady to $3 higher per hundredweight, though some reported prices to $10 higher and some to $7 lower. Markets remain under pressure from seasonal increases in the number of young calves coming to market while overall tight feeder cattle supplies continue to hold prices well above year-ago levels. Fed cattle prices were $2 lower following declines in wholesale beef prices. Cotton and grain prices were sharply higher for the week after USDA released its monthly crop production and supply and demand reports on Friday. Cotton prices were higher after USDA lowered its production estimate for China and reduced projected exports from India. Corn and grain sorghum prices were sharply higher as the U.S. corn production forecast was reduced by 4 percent and grain sorghum by 10 percent from previous forecasts. Wheat followed other grains higher. As for futures markets, cotton, wheat, corn and lumber were higher while feeder cattle and fed cattle were lower. Most of the state reported little or no rainfall during the week with the heaviest amounts of up to two inches recorded from the Dallas-Fort Worth area north to the border. No crop progress information is available for this week because the office that provides that report is closed for the federal Columbus Day holiday.
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.
