Feeder cattle price trends at Texas auctions were uneven, from $5 lower to $5 higher per hundredweight. High drought-related volumes at many auctions and the lack of grazing continue to pressure markets, though higher fed cattle, the likelihood for lower supplies this fall and higher beef prices remain supportive. Fed cattle prices were $2.50 lower in spite of higher wholesale beef prices. Cotton prices were higher for the week on prospects for a smaller drought-reduced U.S. crop and news that China will likely increase purchases soon. Corn prices were higher on concerns that the recent production forecast may not reflect the full extent of damage done during the July heat wave in the Midwest. Wheat prices were higher following reports of lower than expected spring wheat yields. As for futures markets, cotton, wheat and corn were higher, while feeder cattle, fed cattle and lumber were lower. Scattered showers fell in parts of east, north and west Texas, and the Panhandle, with amounts generally less than one-half inch. Topsoil moisture was rated in short to very short supply across the state and most crops were reported in fair to very poor condition, with ratings well below where they were at this time last year. Corn acreage was 64 percent mature and 51 percent of the crop has been harvested, both ahead of normal for this date. Grain sorghum was 90 percent headed and 55 percent of the crop has been harvested, ahead of the average pace. Cotton was setting bolls on 96 percent of the acreage and 12 percent of the crop has been harvested, both higher than the average. Ninety-six percent of the state’s pastures were reported in 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.
