TDA Market Recap, July 9, 2012

Source: Texas Department of Agriculture

For the week ending July 7, a feeder cattle price trend for Texas auctions is not available as most locations were closed for the Independence Day holiday. Texas feeder cattle sales directly to stocker operations and feedlots were mostly steady. At Oklahoma City, the sales volume was not sufficient to establish a trend. The fed cattle cash trade was almost $1 higher per hundredweight and beef prices were lower.

Cotton prices were lower due to a stronger dollar, concerns about cotton demand and modest chances of beneficial rains in West Texas. Corn and grain sorghum were higher amid ongoing concerns that hot, dry weather in parts of the Corn Belt will damage the corn crop. Wheat prices followed other grains higher with an added boost from lower production forecasts for parts of Europe.

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

Parts of East Texas, South Texas and the Trans-Pecos recorded an inch or more of rain during the week while little or no rain fell in other areas of the state.

The weekly USDA NASS crop progress and condition report showed cotton is squaring on 61 percent of the acreage, ahead of the average pace, while 15 percent is setting bolls, slightly behind the average for this date. Cotton condition was rated mostly fair to good. Corn was rated in mostly good to fair condition with 79 percent of the crop tasseled and 32 percent mature, both well ahead of normal. Grain sorghum was 99 percent planted and 28 percent has been harvested, both ahead of the average. The crop was reported in mostly good to fair condition. Wheat was 99 percent harvested, much above the 90 percent average for this date, with the remaining crop rated in mostly fair to good condition. Peanuts are pegging on 32 percent of the acreage and rice was 47 percent headed, both slightly behind normal.

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

Week Ending

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Texas Cash Markets:

   July 7, 2012

              Week            Year
Feeder Steers ($/cwt)

156.16

170.92

145.46

Fed Cattle ($/cwt)

116.88

116.00

114.83

Slaughter Lambs ($/cwt)

n/a

118.00

153.25

Slaughter Goats ($/cwt)

n/a

162.75

171.00

Cotton (¢/lb)

64.25

66.25

126.38

Grain Sorghum ($/cwt)

12.19

11.65

 10.53

Wheat ($/bu)

7.72

7.20

6.68

Corn ($/bu)

7.38

7.08

6.60

Watermelons ($/lb)

.15

0.16

0.16

 
Futures Markets:
Feeder Cattle ($/cwt)

146.52

151.45

143.60

Fed Cattle ($/cwt)

119.20

120.45

114.65

Cotton (¢/lb)

70.78

72.16

116.58

Wheat ($/bu)

7.90

7.39

7.08

Corn ($/bu)

7.43

6.73

6.72

Lumber ($/1000 bd ft)

283.30

273.40

248.80

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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