For the week ending May 25, 2013, feeder cattle prices reported by Texas auctions ranged from $5 lower to $3 higher per hundredweight (cwt) compared to the previous week. A few locations noted prices as much as $6 higher on a portion of their offerings. Texas direct feeder cattle sales were steady to $1 lower and the Oklahoma City National Stockyards were steady to $5 lower. Negative cattle feeding margins and lower feeder cattle futures continued to pressure the market. However, tight supplies and improved pasture conditions in some areas were also supportive. Fed cattle cash prices were $1 lower. Choice wholesale beef prices hit a new record-high of $211.37 per cwt on Thursday, before declining on Friday. Beef exports for the year are down 17 percent from this time last year. Cotton prices were lower due to burdensome world supplies and weak economic news out of China. However, traders remained concerned about planting delays and very dry conditions in major Texas growing areas. Weekly cotton export sales up from the previous week and cumulative shipments for the year are running ahead of last year’s pace. Wheat prices were higher on the dry conditions in U.S. winter wheat areas and lower production forecasts for Australia and Ukraine. In addition, weekly wheat exports were higher than both the previous week and prior four-week average. Corn prices were higher as markets remain concerned about slow planting progress across the Midwest. Reports of a large corn sale to China and weekly exports that were higher than the previous week and the prior four-week average were also supportive. As for futures markets, feeder cattle, fed cattle, wheat and corn were higher, but cotton and lumber were lower. Almost the entire state received rainfall during the week, with totals of an inch or more common south and east of a line from Del Rio to Wichita Falls. Information on agricultural weather and crop condition is available in the weekly USDA-NASS “Texas Crop Progress and Condition” report: http://www.nass.usda.gov/Statistics_by_State/Texas/Publications/Crop_Progress_&_Condition/index.asp
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.
