TDA Market Recap, July 2, 2012

Source:  Texas Department of Agriculture

For the week ending June 30, feeder cattle price trends at Texas auctions were uneven, from $8 lower per hundredweight (cwt) to $3 higher.

Texas direct feeder cattle prices were down $8 to $10 compared to 2 weeks ago. Oklahoma City was $3 to $4 lower on feeder cattle and steady to $3 lower on calves. Steady to lower fed cattle and beef markets, dry pastures, early drought-related sales in some areas and variable quality were all factors impacting markets last week.

The fed cattle cash trade was mostly inactive for the week with only 482 head of confirmed cash sales at prices unchanged from a week ago.

Cotton prices were higher due to concerns about hot, dry weather in Texas and other sections of the Cotton Belt. Corn and grain sorghum were higher amid ongoing concerns that hot, dry weather in parts of the Corn Belt will damage the crop. Wheat prices followed corn higher with added worries about dry weather and lower production forecasts for parts of Europe.

As for futures markets, wheat and corn were higher, but feeder cattle, fed cattle, cotton and lumber were lower. Areas south of a line from Laredo to Houston and parts of the northern Panhandle recorded a half-inch or more of rain while little or no rain fell in other areas of the state.

The weekly USDA NASS crop progress and condition report showed that cotton is squaring on 33 percent of the acreage and 11 percent is setting bolls, both behind the average for this date. Cotton condition was rated mostly fair to good. Corn was rated in mostly good to fair condition with 67 percent of the crop tasseled and 11 percent mature, both ahead of normal. Grain sorghum was 95 percent planted, slightly behind normal, and 19 percent has been harvested, well ahead of the average. The crop was reported in mostly good to fair condition. Wheat was 98 percent harvested, much above the 79 percent average for this date, with the crop rated in mostly fair to good condition. Peanuts are pegging on 8 percent of the acreage and rice was 31 percent headed, with both crops in mostly good to fair condition.

Pastures declined with the hot temperatures and sparse rainfall, and were reported in mostly fair to poor condition.

Week Ending

Previous

Previous

Texas Cash Markets:

   June 30, 2012

              Week            Year
Feeder Steers ($/cwt)

170.92

167.01

142.47

Fed Cattle ($/cwt)

116.00

116.00

112.44

Slaughter Lambs ($/cwt)

118.00

122.50

153.25

Slaughter Goats ($/cwt)

162.75

158.50

171.00

Cotton (¢/lb)

66.25

65.75

131.63

Grain Sorghum ($/cwt)

11.65

10.38

 10.52

Wheat ($/bu)

7.20

6.59

6.47

Corn ($/bu)

7.08

6.45

6.32

Watermelons ($/lb)

0.16

0.17

0.155

 

Futures Markets:

Feeder Cattle ($/cwt)

151.45

152.80

140.47

Fed Cattle ($/cwt)

116.55

116.90

112.85

Cotton (¢/lb)

72.16

74.17

161.41

Wheat ($/bu)

7.39

6.86

7.03

Corn ($/bu)

6.73

5.91

6.41

Lumber ($/1000 bd ft)

273.40

274.90

244.00

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.

Comments are closed.