Feeder cattle price trends at Texas auctions were very uneven early in the week, from $6 lower per hundredweight to $8 higher. Later in the week sales were mostly steady to $4 lower. Higher fed cattle markets and higher grain prices contributed to the unevenness. Fed cattle increased along with beef prices to a new record high. Cotton and grain prices were higher for the week as supplies remain tight and demand strong. The very dry conditions throughout the state and in other major wheat growing areas contributed to the increases. As for futures markets, feeder cattle, fed cattle and lumber were lower, while cotton, wheat and corn were higher. Little rainfall was recorded across the state though thunderstorms late on Sunday did produce locally heavy amounts of one-half inch or more, primarily west of I-35 and north of Austin. Topsoil moisture supplies remain mostly short to very short statewide. The wheat crop is 22 percent headed and reported in mostly poor to very poor condition. Corn planting was 55 percent complete and 40 percent of the acreage has emerged, both slightly behind normal. Grain sorghum, rice and soybean planting were ahead of normal. Cotton planting was 11 percent complete, compared to 12 percent on average by this date. Pastures were reported in mostly fair to very poor condition and needing rain statewide.
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.
