For the week ending Feb. 19, feeder cattle auction prices were steady to $10 higher per hundredweight with tight supplies, higher fed cattle markets and renewed demand following the winter storms earlier in the month. Fed cattle were up sharply as processors sought to line up supplies in anticipation of higher prices later in the spring. Cotton prices continued to rise because of the tight supplies and strong demand. New export sales to Mexico helped support corn prices. As for futures markets, feeder cattle, fed cattle, cotton and corn were higher while wheat and lumber were lower. Cotton futures surged to a fresh record high of $2.042 per pound on Thursday. Very little precipitation was recorded anywhere in the state during the week with only a few scattered showers, mostly in Central and South Texas, and amounts generally less than one-tenth of an inch. Topsoil moisture remains mostly short to very short in West Texas, and mostly short to adequate elsewhere. Winter wheat was reported in mostly fair to very poor condition and needs moisture in most areas. Field preparations for spring planting are underway statewide. Pastures were also reported in fair to very poor condition with supplemental livestock feed needed in many locations. Spring calving, lambing and kidding remained active.
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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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