Feeder cattle prices at Texas auctions were mostly steady to $8 lower per hundredweight, though higher prices were also noted at a few locations. Unchanged fed cattle prices, volatile grain markets and continued large numbers of calves and cull cows coming to auctions were primary factors. Fed cattle prices were unchanged with wholesale beef prices lower on Choice and slightly higher on Select-grade. Cotton cash prices were unchanged as continued weak exports offset the prospects for a smaller 2011 crop. Corn prices were lower as storms brought rain and cooler temperatures to the Corn Belt. Wheat and grain sorghum followed corn lower. As for futures markets, feeder cattle, fed cattle and cotton were higher, while wheat, corn and lumber were lower. Widely scattered showers fell over much of the state during the week with amounts in excess of 2 inches reported in southeast Texas. Corn acreage was 54 percent mature and 18 percent of the crop has been harvested, both ahead of normal for this date. Grain sorghum was 78 percent headed and 45 percent of the crop has been harvested, well ahead of the average pace. Cotton was setting bolls on 55 percent of the acreage, also more than average. Most crops were reported in fair to very poor condition with condition indexes mostly 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.
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