For the week ending Feb. 26, feeder cattle auction prices were mostly steady to $7 higher per hundredweight though a few lower prices were noted later in the week. Tight supplies and higher fed cattle continue to support the market. Fed cattle prices followed wholesale beef values higher. Cotton and grain prices were mostly lower amid concerns that demand will decline if unrest in the Middle East continues and higher oil prices hinder an economic recovery. Markets recovered some of their losses on Friday following a strong export sales report. As for futures markets, fed cattle and corn were higher while feeder cattle, cotton, wheat and lumber were lower. Parts of East Texas reported up to two inches of rain during the week, but little or no precipitation was recorded elsewhere in the state. Soil moisture supplies were reported adequate to short in most of East Texas and mostly short to very short in West Texas. Warmer weather during the week boosted wheat growth, though much of the crop remains stressed by dry conditions and earlier freezes. Statewide, the crop was rated in mostly fair to very poor condition. Preparations for spring planting are underway in many areas with some corn and grain sorghum planted in South and Central Texas. Pastures were rated in mostly fair to poor condition and need moisture in many areas. The extremely dry conditions and very high winds contributed to wildfires in the Cross Timbers region and on the High Plains.
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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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