For the week ending July 23

Feeder cattle prices at Texas auctions were mostly $2 to $8 lower per hundredweight. Lower fed cattle and beef prices contributed to the decrease. The drought was also a factor as calves are being marketed earlier than normal because of the lack of grazing, which is increasing supplies and lowering prices. Fed cattle prices were $2.50 lower following a decline in wholesale beef values. Cotton cash prices fell because of continued weak exports and concerns about future demand. Corn prices were lower on forecasts for improved growing conditions in the Midwest. Wheat prices increased because of tight supplies of high protein winter wheat. As for futures markets, feeder cattle, wheat and lumber were higher, while fed cattle, cotton and corn were lower. Widely scattered showers fell over much of the state during the week with amounts in excess of 2 inches reported east of Houston and in parts of the Northern High Plains, Trans-Pecos and Edwards Plateau. Corn was 60 percent in dough-stage and 53 percent of the acreage was rated mature, ahead of normal for this date. Grain sorghum was 72 percent headed and 41 percent of the crop has been harvested, well ahead of the average pace. Cotton was squaring on 73 percent of the acreage and 36 percent was setting bolls, slightly more than average. Most crops were reported in fair to very poor condition with condition indexes lower than a week ago and well below where they were at this time last year. Pastures showed some improvement in areas that have received rain, but remain in mostly very poor to poor condition statewide 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.