Source: Texas Department of Agriculture
For the week ending April 13, 2013, feeder cattle price trends reported by Texas auctions varied from $6 lower to $4 higher per hundredweight (cwt). Several indicated that the biggest declines were on lighter-weight calves. Texas direct feeder cattle sales were $1 to $4 lower and the Oklahoma City National Stockyards were steady to $3 lower on feeders, but steady to $2 higher on stockers.
Tight feeder supplies continue to support the market and recent rains have boosted demand for stocker cattle to be put back out on pasture. However, higher grain prices and continued negative cattle feeding margins are also putting downward pressure on prices. Fed cattle cash prices were $1 lower and wholesale beef values were lower. Beef export sales for the week came in well below the prior 4-week average, with cumulative sales for the year down 5.5 percent from the same period a year ago.
Cotton prices declined after weekly export sales were on the low end of expectations. However, cumulative sales and shipments for the marketing year remain ahead of last year’s pace and there were reassurances from China that it intends to keep importing cotton. Wheat prices fell at mid-week after USDA’s supply and demand report showed higher than expected ending wheat stocks, but recovered later on reports of freeze damage in Texas, Oklahoma and Kansas. Corn prices were higher after projected ending stocks came in on the low end of expectations. Concerns about planting delays in the Corn Belt added to the increase, though much of the area remains in drought and benefited from recent rains.
As for futures markets, wheat and corn were higher, but feeder cattle, fed cattle, cotton and lumber were lower.
Much of the state north and east of a line from McAllen to Lubbock recorded rainfall during the week, but amounts of one-half inch or more were mostly limited to the Upper Coast, East and North Central Texas. For more information on crop conditions, please see the weekly USDA-NASS “Texas Crop Progress and Condition” report at: nass.usda.gov.
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Week Ending |
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| Texas Cash Markets: |
April 13, 2013 |
Week | Year | |
| Feeder Steers | ($/cwt) |
166.33 |
162.47 |
184.06 |
| Fed Cattle | ($/cwt) |
127.00 |
127.78 |
121.67 |
| Slaughter Lambs | ($/cwt) |
130.00 |
127.50 |
182.00 |
| Slaughter Goats | ($/cwt) |
213.00 |
205.00 |
230.50 |
| Cotton | (¢/lb.) |
81.75 |
82.75 |
85.65 |
| Grain Sorghum | ($/cwt) |
11.54 |
10.86 |
10.88 |
| Wheat | ($/bu.) |
7.22 |
6.95 |
5.84 |
| Corn | ($/bu.) |
7.06 |
6.76 |
6.54 |
| Grapefruit | ($/carton) |
15.75 |
15.60 |
n/a |
| Cabbage | ($/50 lbs.) |
6.50 |
7.75 |
5.25 |
| Onions | ($/40 lbs.) |
12.00 |
16.00 |
13.00 |
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| Futures Markets: |
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| Feeder Cattle | ($/cwt) |
137.92 |
142.57 |
150.52 |
| Fed Cattle | ($/cwt) |
125.85 |
126.02 |
120.52 |
| Cotton | (¢/lb.) |
85.58 |
86.79 |
92.08 |
| Wheat | ($/bu.) |
7.53 |
7.26 |
6.43 |
| Corn | ($/bu.) |
6.59 |
6.29 |
6.29 |
| Lumber | ($/MBF) |
371.40 |
374.10 |
266.70 |
MBF = thousand board feet.
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. Timber prices are from the Texas A&M Forest Service, bimonthly “Texas Timber Price Trends.”
For additional information, contact TDA at 800-835-5832 or visit www.TexasAgriculture.gov.