Feeder cattle prices at Texas auctions were $5 lower to $6 higher per hundredweight as tight supplies, lower fed cattle prices and fluctuating grain prices continue to influence markets. Fed cattle cash prices followed wholesale beef values lower. Cotton prices fell as ongoing concerns about Chinese demand and the general economy more than offset worries about dry conditions in Texas and flooding in the Mississippi Delta. Corn and grain sorghum prices declined on forecasts for favorable planting weather in the Midwest. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were all lower. One-half inch or more of rain fell in an area from east of San Angelo to Texarkana with the heaviest totals northeast of the Dallas-Fort Worth area. Little or no rainfall was recorded elsewhere in the state. Except for parts of north and East Texas, topsoil moisture conditions remain mostly short to very short statewide. The winter wheat crop is 80 percent headed and reported in mostly very poor to poor condition. Corn planting was 87 percent complete and grain sorghum is 71 percent planted, both ahead of the normal pace. Cotton was 24 percent planted and 8 percent of the acreage is squaring. Corn and rice were reported in mostly fair to good condition, while grain sorghum was mostly fair to poor. Pastures remain in mostly very poor to 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.
