For the week ending Dec. 25, feeder cattle prices at Texas auctions were $1 to $2 higher per hundredweight in a very light test as most of the locations covered by Market News were closed for the Christmas holidays. Fed cattle were $3 higher as processors replenished supplies following the previous week’s light purchases. Cotton and grain prices were higher for the week. Cotton prices continue to increase amid tight global supplies and strong demand with cotton futures closing at a new all-time record high on Tuesday. Wheat was higher because of concerns about the dry weather on the U.S. Central Plains and news that heavy rains in Australia may have damaged their crop. Corn prices were higher as the potential for a smaller South American crop may further tighten world supplies. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were higher. Precipitation was recorded in most of the eastern two-thirds of the state with amounts ranging from a trace to more than two inches in parts of North Texas. Crop progress and condition information are not available as USDA suspended its weekly report until after the first of the year.
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.
