For the week ending Jan. 29, feeder cattle auction prices were mostly steady to $7 lower per hundredweight with a few to $10 lower and some sales later in the week steady to $5 higher. Lower fed cattle and high feed grain prices contributed to the decline. Cotton prices were higher, with the March futures contract hitting an all-time record high on Thursday, due to strong exports, a lower crop estimate for India, strong Chinese demand and dry weather on the Texas High Plains. Strong export sales also pulled wheat higher and weaker sales pushed corn lower. As for futures markets, cotton, wheat and lumber were higher while fed cattle, feeder cattle and corn were lower. Parts of East Texas received up to 2 inches of rain during the week, but little or no rain was reported elsewhere. Topsoil moisture remained mostly adequate to short in the eastern half of the state and mostly short to very short in West Texas. Winter wheat was 96 percent emerged and reported in mostly fair to poor condition. Dry-land wheat on the Plains and in the Cross Timbers region suffered from the very dry conditions. Field preparations for spring planting were underway in many locations. With pastures in mostly fair to poor condition, livestock required supplemental feed in many areas.
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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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