Feeder cattle prices at Texas auctions were mostly $5 to $7 higher per hundredweight, with some to $10 higher. Lower feed grain prices and higher fed cattle contributed to the increase. Fed cattle prices were $4 higher following increases in wholesale beef prices and as processors built up inventories ahead of the July 4 weekend. Cotton cash prices were near unchanged amid weak exports and declining prospects for this year’s crop. Wheat prices were lower as supplies from this year’s harvest increased. Corn declined on more favorable weather in the Midwest. As for futures markets, feeder cattle, fed cattle, cotton and lumber were higher while wheat and corn were lower. Most of the state south and east of a line from Presidio to Wichita Falls recorded rainfall during the week with amounts ranging from a trace to more than 5 inches. Topsoil moisture remained in mostly very short to short supply statewide. Wheat harvest was 89 percent complete, well ahead of the normal 68 percent with the crop rated in mostly very poor to poor condition. Corn was 59 percent silked and 41 percent was in dough stage. Grain sorghum planting was 92 percent complete and 68 percent of the crop is headed. The cotton crop was 99 percent planted and 13 percent of the acreage is setting bolls. Most crops were rated in fair to very poor condition with condition indexes well below where they were at this time last year. Pastures remain in mostly very poor to poor condition as supplemental feeding and reductions of livestock herds continue.
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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