For the week ending Oct. 16, feeder cattle prices at Texas auctions were mostly $2 to $5 lower per hundredweight compared to the previous week with some down as much as $8. A few locations noted prices $1 to $4 higher on a limited number of sales. Prices have declined seasonally, but remain higher than this time last year. The fed cattle market followed wholesale beef prices higher. Cotton prices were higher amid strong export sales, a weaker dollar and improved domestic demand. Corn and grain sorghum prices continued to rise in response to USDA forecasts for a smaller U.S. crop. Wheat declined as ample global supplies pressured the market. As for futures markets, feeder cattle, fed cattle, cotton, corn and lumber were higher while wheat was lower. Most of the state recorded little or no rainfall during the week, though parts of East Texas reported as much as two inches of rain with higher amounts in isolated areas. Topsoil moisture was rated mostly short to adequate statewide with very short moisture reported in much of the Plains and East Texas. Cotton harvest progressed to 26 percent complete and bolls were opening on 92 percent of the acreage, both ahead of the normal pace. Corn was 89 percent harvested and 99 percent mature. Grain sorghum was 74 percent harvested, equal to the average pace, and 94 percent mature, well ahead of normal. Winter wheat seedings advanced to 73 percent complete, slightly ahead of normal, and 41 percent of the acreage has emerged. Cotton, corn, grain sorghum, peanuts and pastures were reported in mostly good to fair condition.
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.
