Feeder cattle prices at Texas auctions were $5 lower to $8 higher per hundredweight compared to a week ago as markets continue to fluctuate in response to volatile grain prices, lower fed cattle and beef markets, and overall tight supplies. Fed cattle cash prices followed wholesale beef prices lower. Corn and grain sorghum prices were higher amid ongoing concerns that wet weather in the Midwest will further delay planting. Wheat prices declined as beneficial rains fell in parts of the Great Plains. As for futures markets, corn and lumber were higher while feeder cattle, fed cattle, cotton and wheat were lower. Areas north and east of a line from Lubbock to Houston recorded rainfall ranging from a trace to more than three inches in parts of East Texas. No rain was reported elsewhere in the state. Topsoil moisture supplies remain mostly short to very short with the entire state suffering from some degree of drought, according to the latest U.S. Drought Monitor. Wheat condition continued to decline with 66 percent of the acreage headed and 74 percent reported in poor to very poor condition. Corn planting was slightly ahead of the normal pace at 79 percent complete and the crop was rated in mostly fair to poor condition. Grain sorghum and cotton planting were progressing more slowly than normal at 56 percent and 16 percent complete, respectively. Pastures were rated in mostly poor to very poor condition and need 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.
