For the week ending Jan. 15, feeder cattle auction prices were mostly steady to $10 higher per hundredweight with some locations as much as $15 higher on at least a portion of their offerings. Continued tight supplies of available cattle and higher fed cattle prices contributed to the increase. Fed cattle markets followed wholesale beef prices higher. Cotton cash prices were unchanged after trading higher early in the week in anticipation of Wednesday’s USDA reports, and then declining later after China again raised bank reserve requirements. Grain prices were higher after the USDA reports showed even tighter than expected supplies for most commodities. Wheat gave back some of its gains later in the week as world supplies remain ample compared to other grains. As for futures markets, feeder cattle, fed cattle, cotton, wheat and corn were higher while lumber was lower. Most of the state south and east of a line from Del Rio to Fort Worth recorded precipitation during the week with the heaviest amounts falling in Northeast Texas. Winter wheat was 94 percent emerged with the crop reported in mostly fair to poor condition. On the Plains, dryland wheat continued to suffer from dry conditions while irrigated acreage and wheat in other regions of the state progressed well. Pastures were rated in mostly poor to fair condition. In many areas, livestock required supplemental hay and protein as reports indicated hay supplies were being depleted in some locations.
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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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