Feeder cattle price trends at Texas auctions were mixed, from $5 lower per hundredweight to as much as $6 higher at a few auctions. Tight supplies, lower fed cattle markets and fluctuating grain prices were again the primary influences on markets. Fed cattle prices followed wholesale beef values lower. Cotton prices declined as concerns about short-term demand more than offset the drought in Texas and other parts of the Cotton Belt. Corn, grain sorghum and wheat prices finished the week modestly lower after USDA raised its projections for end-of-year corn supplies. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were all lower. Much of the state east of a line from Del Rio to Wichita Falls received a half-inch or more of rain during the week with locally heavy amounts in excess of three inches. Most other areas received a half inch or less. Topsoil moisture was reported as adequate to short in parts of North and East Texas, and remains mostly short to very short elsewhere. The winter wheat crop was 92 percent headed and 5 percent harvested, both ahead of normal. Corn planting progressed to 93 percent complete and 70 percent of the acreage has emerged. Cotton was 36 percent planted and 72 percent of the grain sorghum was planted. Corn, rice and soybeans were rated in mostly fair to good condition; grain sorghum was rated mostly fair to poor; and wheat and pastures were rated in mostly very poor to poor condition.
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.
