For the week ending Oct. 23, feeder cattle prices at Texas auctions were mostly steady to $6 higher per hundredweight with a few to $2 lower and some to $10 higher. A sharp increase in fed cattle prices helped push feeder markets higher. Fed cattle were up nearly $5 per hundredweight following recent increases in wholesale beef prices and stiff competition for the available cattle supply. Cotton prices were much higher as predictions for a smaller Chinese crop threatened to further tighten supplies and a weak dollar made U.S. cotton cheaper for foreign buyers. Grain prices ended the week mostly lower as demand slipped due to recently higher prices. As for futures markets, feeder cattle, fed cattle and cotton were higher, while wheat, corn and lumber were lower. Much of the state recorded little or no rainfall last week, though locally heavy amounts in excess of two inches were reported in parts of West Texas, the High Plains and Northeast Texas. Some hail damage was reported from storms on the Southern Plains. Topsoil moisture was rated mostly short to adequate. Cotton harvest progressed to 37 percent complete and bolls were opening on 96 percent of the acreage, both well ahead of the normal pace. Corn was 93 percent harvested, and the grain sorghum harvest was 79 percent complete, both slightly ahead of average. Winter wheat seedings were 81 percent complete and 49 percent of the acreage has emerged, well behind normal. The crop needs rain in many areas to boost emergence and growth. Cotton, corn, grain sorghum, peanuts, wheat and pastures were reported in mostly good to fair condition statewide.
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.
