TDA Market Recap, July 30, 2012

Source: Texas Department of Agriculture

For the week ending July 28, feeder cattle prices at Texas auctions were generally steady to as much as $12 higher per hundredweight (cwt), though a few locations noted lower prices, especially on fleshy, unweaned calves. Texas direct feeder cattle sales and the Oklahoma City National Stockyards were steady to $3 lower. Tight supplies, higher futures markets and a dip in grain prices contributed to the higher prices, though negative cattle feeding margins limited the increase. The fed cattle cash trade was $1.33 higher per cwt and wholesale beef prices were flat for most of the week before declining on Friday.

Cotton prices ended the week modestly higher amid concerns about hot, dry weather in West Texas and unfavorable growing conditions in India. Grain prices were lower through mid-week due to weak export demand and hopes for improved weather in the Corn Belt. Prices rebounded later as the hot, dry conditions in the Midwest continued and private forecasts called for lower production in the Corn Belt.

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

Scattered showers fell over much of the state during the week with some locations in East, South and West Texas recording an inch or more of rainfall.

According to the weekly USDA NASS crop progress and condition report, the condition index for cotton was 59 points, down from 62 points a week ago, with 92 percent of the acreage squaring and 48 percent setting bolls, both ahead of normal. The corn condition index was 71, down 2 points from last week, with 93 percent of the crop tasseled and an above-normal 17 percent of the acreage harvested. Grain sorghum was 81 percent headed and 53 percent of the crop has been harvested, both ahead of normal. The condition index was 70 points compared to 69 a week ago. The condition index for peanuts improved to 76 points, up 1 point from last week. Rice harvest is 3 percent complete, with a condition index of 86, up 5 points from a week ago.

Pasture and hay conditions varied considerably across the state depending on rainfall. Statewide, conditions declined somewhat with 22 percent of the pasture acreage rated in good to excellent condition; 44 percent was rated poor to very poor; and 34 percent was rated in fair condition.

Week Ending

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Texas Cash Markets:

   July 28, 2012

              Week            Year
Feeder Steers ($/cwt)

144.01

142.08

142.26

Fed Cattle ($/cwt)

114.32

112.99

108.37

Slaughter Lambs ($/cwt)

115.00

112.50

156.25

Slaughter Goats ($/cwt)

184.00

188.50

171.50

Cotton (¢/lb)

67.00

66.75

105.88

Grain Sorghum ($/cwt)

14.06

14.44

 10.94

Wheat ($/bu)

8.69

9.05

7.01

Corn ($/bu)

8.35

8.56

6.81

Watermelons ($/lb)

0.14

0.15

0.20

 
Futures Markets:
Feeder Cattle ($/cwt)

137.75

136.10

137.05

Fed Cattle ($/cwt)

119.60

117.95

112.62

Cotton (¢/lb)

70.73

72.06

102.08

Wheat ($/bu)

9.06

9.41

7.67

Corn ($/bu)

7.99

8.25

6.65

Lumber ($/1000 bd ft)

286.30

293.80

248.50

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  TexasAgriculture.gov

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