TDA Market Recap, May 29, 2012

Source: Texas Department of Agriculture

For the week ending May 26, feeder cattle prices at the Texas auctions covered by USDA Market News were mostly steady to $6 higher per hundredweight (cwt), with a few to $10 higher and some steady to $3 lower on heifer calves. The Texas direct feeder cattle trade was $2 to $5 higher, with the largest increases noted on cattle weighing 800 pounds or more. The Oklahoma City auction was mostly $2 to $6 higher.

Fed cattle cash prices declined by more than $2 per cwt due to weaker packer demand ahead of a workweek shortened by the Memorial Day holiday.

Cotton cash prices were again lower as large world supplies continue to burden the market. A favorable export sales report helped ease concerns that China will limit purchases, but there were also rumors that it was preparing to sell cotton in storage to free-up warehouse space. Grain prices were lower mostly due to pressure from outside market factors, including a stronger dollar, weaker equity markets and concerns about the European economy. Corn and grain sorghum prices were also pressured by weak exports, but losses were limited by dry, warm and windy conditions in the Corn Belt. Wheat prices were also impacted by improved exports and increasing harvest-time supplies.

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

Parts of southeast Texas and much of West Texas west of a line from Eagle Pass to Wichita Falls recorded rainfall last week with amounts generally one-half inch or less. The weekly crop condition and progress information from the USDA National Agricultural Statistics Service was not available in time to be included in this week’s market recap

   

Week Ending

Previous

Previous

Texas Cash Markets:  

   May 26, 2012

              Week            Year
         
Feeder Steers ($/cwt)

182.57

177.29

139.07

Fed Cattle ($/cwt)

120.70

122.89

104.02

Slaughter Lambs ($/cwt)

145.00

143.50

171.50

Slaughter Goats ($/cwt)

210.00

210.00

219.50

Cotton (¢/lb)

69.25

73.25

150.38

Grain Sorghum ($/cwt)

10.39

11.37

 12.46

Wheat ($/bu)

6.59

6.70

8.53

Corn ($/bu)

6.37

6.92

7.57

Onions ($/50 lbs)

11.00

10.00

11.50

Watermelons ($/lb)

0.195

0.18

0.12

   

Futures Markets:  

   

Feeder Cattle ($/cwt)

152.33

151.30

122.72

Fed Cattle ($/cwt)

117.65

119.52

104.10

Cotton (¢/lb)

73.62

77.99

152.67

Wheat ($/bu)

7.00

7.05

9.43

Corn ($/bu)

5.79

6.36

7.59

Lumber ($/1000 bd ft)

289.20

288.50

238.70

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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