For the week ending Jan. 8, feeder cattle auction prices were higher to sharply higher compared to pre-holiday markets. Demand remained strong for the available cattle as buyers attempted to rebuild inventories while the weather was still relatively mild. Fed cattle prices declined, but remain at historically high levels well above a year ago. Cotton cash prices were higher as world demand remains strong for a shrinking supply of cotton. Grain prices decreased thanks to a stronger dollar, beneficial rains in South America and weaker demand at the higher prices seen over the past few weeks. As for futures markets, lumber was higher while feeder cattle, fed cattle, cotton, wheat and corn were lower. Most of the state south and east of a line from Wichita Falls to Pecos recorded precipitation during the week with amounts ranging from a trace to more than two inches in isolated areas. The state’s winter wheat crop was rated in mostly fair to poor condition with 93 percent of the acreage emerged. Wheat in the Blacklands and Cross Timbers regions benefited from recent rains while dry conditions continued to stress wheat on the High Plains. Cotton harvest was completed and field preparations for this year’s crop were underway in some areas. Pastures were rated in mostly very poor to fair condition and livestock across the state were fed supplemental hay and protein.
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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.
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