TDA Market Recap, May 7, 2012

Source: Texas Department of Agriculture

For the week ending May 5, feeder cattle prices at the Texas Panhandle auctions covered by USDA Market News were steady to $8 higher per hundredweight (cwt), while San Angelo was steady to $2 lower. The Texas direct feeder cattle trade was mostly steady to $3 lower early in the week, but steady to $2 higher later as markets recovered from the limited effects of the California BSE case.

The Oklahoma City auction on Monday was $2 to $8 lower on feeder cattle and steady to $4 lower on calves. Fed cattle cash prices were $1 higher per cwt as markets recovered from the previous week’s BSE announcement.

Beef prices were near unchanged for the week. Cotton cash prices were lower due to large world stocks, a weak global economy, beneficial rains in parts of Texas and renewed exports by India. Grain prices were lower for the week on global economic weakness and a stronger dollar. In addition, participants in the Kansas hard red winter wheat tour came up with a higher yield estimate, which offset a “decent” export sales report. Corn and grain sorghum were lower as the rapid planting progress of this year’s crop increased the chances for a larger U.S. crop, but the decline was limited by stronger export sales and tight current supplies.

As for futures markets, feeder cattle, corn and lumber were higher, but fed cattle, cotton and wheat lower.

Rainfall was recorded in a broad swath of the state from Laredo to Columbus and north through the High Plains, with the heaviest amounts in South-Central Texas.

Winter wheat was rated in mostly fair to good condition, but stressed in some areas by a lack of moisture. The crop is maturing quickly due to the warm, dry weather. A few early fields were harvested. Wheat is 92 percent headed, well ahead of the 68 percent on average by this date. Corn was 75 percent planted and 60 percent was emerged, both 5 percentage points behind normal, with condition rated mostly good to fair. Grain sorghum planting was ahead of normal at 70 percent complete. Cotton planting was 27 percent complete, slightly ahead of the normal 25 percent. Rice was 93 percent planted.

Pastures statewide need rain and were rated in mostly good to poor condition.

   

Week Ending

Previous

Previous

Texas Cash Markets:  

   May 5, 2012

              Week            Year
         
Feeder Steers ($/cwt)

174.62

183.58

151.76

Fed Cattle ($/cwt)

119.84

118.86

114.79

Slaughter Lambs ($/cwt)

168.00

185.00

189.50

Slaughter Goats ($/cwt)

205.00

232.00

214.50

Cotton (¢/lb)

81.65

83.50

153.38

Grain Sorghum ($/cwt)

10.89

11.17

 11.21

Wheat ($/bu)

5.64

5.91

7.59

Corn ($/bu)

6.63

6.67

6.75

Onions ($/50 lbs)

12.50

14.00

6.50

   

Futures Markets:  

   

Feeder Cattle ($/cwt)

152.55

148.77

129.12

Fed Cattle ($/cwt)

115.37

118.45

109.85

Cotton (¢/lb)

86.07

89.23

153.80

Wheat ($/bu)

6.14

6.47

8.68

Corn ($/bu)

6.62

6.53

6.83

Lumber ($/1000 bd ft)

292.20

282.70

231.10

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.

For additional information, contact TDA at 800-835-5832 or visit www.TexasAgriculture.gov.

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