For the week ending Nov. 20, feeder cattle price trends at Texas auctions were steady to $5 higher per hundredweight, as demand remains good for the available cattle supply. Fed cattle prices were near unchanged from a week ago and wholesale beef prices were higher. Cotton and grain prices were mostly lower to sharply lower for the week amid concerns that exports to Chinese would falter after it took additional steps to slow down its economy. Strong weekly cotton and wheat exports and concerns about dry weather in winter wheat producing areas did little to moderate the decline. As for futures markets, feeder cattle and fed cattle were higher while cotton, wheat, corn and lumber were lower. Little or no precipitation was reported in most areas of the state though parts of East Texas and areas along the Red River recorded a trace to as much as one inch of rain. Cotton harvest progressed to 80 percent complete, well ahead of normal, though high winds on the Southern High Plains did cause some delays. The corn crop was 98 percent harvested and grain sorghum harvest was ahead of normal at 91 percent complete. The winter wheat crop was 94 percent planted and 80 percent of the acreage has emerged. The crop was reported in mostly fair to good condition and needed rain in many areas. In the Lower Valley, citrus and sugarcane harvests were active, and cabbage harvest was progressing well in South Texas. Pastures were reported in mostly fair to poor condition as cooler temperatures and shorter days push grass into dormancy.
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.
