For the week ending March 19, feeder cattle prices at Texas auctions were mostly steady to $7 lower per hundredweight, though early in the week a few locations were $2 to $8 higher. Lower fed cattle prices contributed to the decline, though tight supplies continue to support the market. Fed cattle prices were down by $4 as concerns that the crisis in Japan and turmoil in the Middle East and North Africa will erode demand. Cotton and grain prices declined early in the week, but later recovered at least some of those losses as markets refocused on the continued tight supplies and strong weekly export sales. As for futures markets, wheat, corn and lumber were higher, while feeder cattle, fed cattle and cotton were lower. Some locations in East Texas and on the Plains recorded up to 2 inches of rain, but little precipitation was recorded elsewhere in the state. Soil moisture remains mostly short to very short in West Texas, and mostly short to adequate in East Texas. The wheat crop continues to suffer from the dry conditions with the crop rated in mostly fair to very poor condition. Corn planting was 43 percent complete, ahead of last year and the five-year average. Grain sorghum was 39 percent planted also well ahead of normal. Four percent of the cotton acreage was planted and 16 percent of the rice crop was planted. Pastures in many areas remained dry and in mostly fair to poor condition statewide.
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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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