For the week ending March 23, 2013, feeder cattle price trends reported by Texas auctions were mostly steady to as much as $8 lower, though a few locations also noted higher prices on at least a portion of their offerings.
The Oklahoma City National Stockyards were $1 to $3 lower on feeders and $3 to $6 lower on calves, while Texas direct feeder cattle sales were steady to $4 lower.
Tight feeder supplies continue to provide some support for the market, but not enough to overcome the impact of negative cattle feeding and packer margins. Fed cattle cash prices were $2 lower than the prior week and wholesale beef values declined.
Beef export sales were well below previous weeks and are down 10 percent for the year. Cotton prices were lower on news that China and India will release substantial quantities of their cotton reserves. Also contributing to the decline were disappointing weekly export sales that were down 30 percent from both the previous week and the prior 4-week average.
Wheat prices were higher on better-than-expected exports, though the increase was limited by reports of improved moisture conditions in major U.S. growing areas. Corn prices were higher after a weekly ethanol production report came in higher than expected and news that 2 ethanol refineries in the eastern Corn Belt are making plans to reopen.
As for futures markets, wheat and corn were higher, but feeder cattle, fed cattle, cotton and lumber were lower.
Much of the state north and east of a line from Galveston to San Antonio to Seminole recorded rainfall during the week, but totals of a half-inch or more were limited to parts of East and Central Texas. For the weekly “Texas Crop Progress and Condition” report from the USDA National Agricultural Statistics Service, please visit their Texas field office website.
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Week Ending |
Previous |
Previous |
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| Texas Cash Markets: |
Mar. 23, 2013 |
Week | Year | |
| Feeder Steers | ($/cwt) |
163.64 |
158.15 |
186.06 |
| Fed Cattle | ($/cwt) |
124.80 |
127.00 |
125.74 |
| Slaughter Lambs | ($/cwt) |
129.00 |
147.50 |
177.50 |
| Slaughter Goats | ($/cwt) |
190.00 |
210.00 |
243.00 |
| Cotton | (¢/lb.) |
81.75 |
86.25 |
84.40 |
| Grain Sorghum | ($/cwt) |
12.71 |
12.53 |
11.27 |
| Wheat | ($/bu.) |
7.29 |
7.19 |
6.63 |
| Corn | ($/bu.) |
7.74 |
7.65 |
6.81 |
| Oranges | ($/carton) |
11.65 |
11.45 |
11.80 |
| Grapefruit | ($/carton) |
15.60 |
15.95 |
13.05 |
| Cabbage | ($/50 lbs.) |
7.25 |
7.45 |
4.25 |
| Onions | ($/40 lbs.) |
18.00 |
n/a |
11.00 |
| Futures Markets: | ||||
| Feeder Cattle | ($/cwt) |
134.65 |
136.67 |
153.30 |
| Fed Cattle | ($/cwt) |
126.20 |
125.77 |
124.50 |
| Cotton | (¢/lb.) |
87.29 |
92.50 |
89.63 |
| Wheat | ($/bu.) |
7.62 |
7.52 |
6.95 |
| Corn | ($/bu.) |
7.26 |
7.17 |
6.47 |
| Lumber | ($/MBF) |
381.90 |
394.10 |
258.60 |
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- to 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.” MBF = thousand board feet. For additional information, contact TDA at (800) 835-5832 or visit our website.