Feeder cattle price trends at Texas auctions were mixed, from $5 lower to $5 higher per hundredweight. The hot, dry weather, poor pasture conditions, tight cattle supplies, modestly higher fed cattle markets and fluctuating grain prices were again the primary influences on markets. Fed cattle prices were $1 higher as sellers were able to capture some of the recent increase in packer margins. Cotton cash prices were lower due to weak export sales. Wheat prices declined as harvest of this year’s crop increased supplies. Corn prices were higher after USDA released projections for tighter-than-expected carryover from the 2011 crop. As for futures markets, corn was higher while feeder cattle, fed cattle, cotton, wheat and lumber were lower. Very little rainfall was recorded in the state last week with amounts mostly less than one-half inch reported in parts of East Texas and the Low Plains. Topsoil moisture was reported to be in mostly short to very short supply statewide. Wheat harvest progressed to 46 percent complete, well ahead of the normal 35 percent with the crop rated in mostly very poor to poor condition. Corn planting was completed and 51 percent of the acreage is silking. Grain sorghum was 86 percent planted and 66 percent of the crop is headed. The cotton crop is 94 percent planted and 11 percent of the acreage is setting bolls, both ahead of normal. Most crops were rated in fair to very poor condition with condition indexes well below where they were at this time last year. Pastures remain in mostly very poor to poor condition 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.
