For the week ending March 9, 2013, feeder cattle price trends reported by Texas auctions varied from $5 lower per hundredweight (cwt) to $5 higher. Texas direct feeder cattle sales were mostly steady. The Oklahoma City National Stockyards were up sharply from last week’s weather-shortened sale, but mostly steady to $2 lower compared to the last full sale two weeks ago. Tight supplies continue to support the feeder cattle market, but negative feedlot margins are also pressuring prices. Fed cattle cash prices were unchanged from the prior week in spite of higher beef prices. Cotton prices were higher as Chinese purchases and projections for lower plantings this year continued to support the market. Wheat and corn were lower due to weak exports and improved moisture conditions in major U.S. growing areas. As for futures markets, cotton and corn were higher, but feeder cattle, fed cattle, wheat and lumber were lower. Much of the state recorded rainfall last week, with amounts of one-half inch or more in parts of the Panhandle and a rough triangle from Del Rio to Gainesville on the north and San Augustine to the east. According to the weekly USDA NASS crop progress and condition report, soil moisture conditions remain mostly short to adequate statewide. The Coastal Bend and Lower Rio Grande Valley are in the worst shape with top soil moisture rated 87%-92% very short. Winter wheat was rated in mostly fair to poor condition with an overall condition index of 47 points compared to 53 points at this time last year. Corn planting advanced to 29% complete, well ahead of the 18% at this time last year and the 22% average. Grain sorghum was 16% planted, compared to 9% a year ago and 14% on average. Pastures in most areas of the state need additional moisture and are rated in mostly poor to fair condition.
All cash prices above are market averages for locations covered by the USDA 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 at the Oklahoma City National Stockyards. Futures prices are quoted for the nearest month contract on the last trading day of the week. Timber prices are from the Texas A&M Forest Service, bimonthly “Texas Timber Price Trends.” MBF = thousand board feet. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.
