For the week ending Dec. 15, 2012, feeder cattle prices reported by Texas auctions were mostly steady to $6 higher per hundredweight (cwt), with a few to $10 lower on fleshy unweaned calves and some as much as $10 higher. Texas direct feeder cattle sales were steady to $3 higher. The Oklahoma City National Stockyards were steady to $2 higher on feeder cattle, but steady to $2 lower on calves. The feeder cattle situation has not changed much over the past several weeks, though demand did seem to pick up late in the week. Overall, tight feeder supplies and prospects that they will get even tighter are trying to push prices higher while high grain prices and the dry conditions in many areas are trying to pull them lower. Fed cattle cash prices were 50 cents higher per cwt in moderate trade. Beef prices were higher. Cotton was higher following a supportive USDA supply and demand report, and another week of strong export sales. Wheat, corn and grain sorghum prices were lower on continued weak export demand for U.S. grains. However, domestic grain supplies remain tight and prices are still well above where they were at this time last year. As for futures markets, feeder cattle, fed cattle, cotton and lumber were higher, but wheat and corn were lower. Parts of East Texas recorded an inch or more of rain during the week, while little or no precipitation fell in other areas of the state. Crop progress and condition information are not available as the weekly USDA NASS crop progress report has been suspended for the season. It is scheduled to resume on Monday, Dec. 31. This is also the last weekly market recap until after the first of the year. We wish you all a Merry Christmas, joyous New Year and a safe and happy holiday season.
