For the week ending Feb. 12, feeder cattle auction prices were mostly steady with a few to $5 lower per hundredweight and some to $5 higher as another round of wintry weather reduced receipts at some locations and closed others. Fed cattle prices were near unchanged in spite of lower beef values. Cotton prices ended the week sharply higher as tight world supplies and strong export demand continue to support the market. Corn prices increased after USDA released projections for lower than expected ending stocks. As for futures markets, feeder cattle, cotton, wheat, corn and lumber were higher while fed cattle were lower. Cotton futures topped the all-time record high price ever reported for U.S. cotton of $1.89 per pound during the Civil War. Most of the state north and east of a line from Kingsville to Odessa recorded precipitation during the week with amounts generally less than one-half inch. The winter wheat crop was rated in mostly fair to very poor condition as dry soils and last week’s freezing temperatures continued to impact the crop. Field preparations are underway for spring planting, though moisture is needed in many areas. Pastures were reported in mostly fair to poor condition and livestock in many areas required supplemental feed. Spring calving, lambing and kidding remained active with newborns at risk from last week’s extremely cold temperatures.
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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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