TDA Market Recap, Nov. 12, 2012
Source: Texas Department of Agriculture
For the week ending Nov. 10, 2012, feeder cattle price trends reported by Texas auctions ranged from $5 higher to $5 lower per hundredweight (cwt) with a few head as much as $15 lower. Texas direct feeder cattle sales were steady. The Oklahoma City National Stockyards were firm to $3 higher on feeder cattle, but $2 to $5 lower on calves. The feeder cattle situation remains unchanged with shrinking supplies offset by high grain prices and negative cattle feeding margins. Fed cattle cash prices were $1 lower after wholesale beef values declined.
Cotton prices were lower as large world supplies and weak demand continue to pressure the market. Wheat prices were higher for the week amid concerns about dry conditions on the U.S. Plains, but declined somewhat on Friday after USDA reported higher projected U.S. and world ending stocks. Corn cash prices were unchanged for the week, but grain sorghum was higher. Weak export demand for U.S. corn was offset by tight domestic supplies and concerns about unfavorable weather in South America.
As for futures markets, fed cattle, wheat and lumber were higher, but feeder cattle, cotton and corn were lower.
One-half inch or more of rain fell in Northeast Texas, along parts of the upper coast and in the eastern Panhandle, but other areas received little or no rainfall. The weekly USDA NASS crop progress report was not available as federal offices were closed in observance of Veterans Day.
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| Texas Cash Markets: |
Nov. 10, 2012 |
Week | Year | |
| Feeder Steers | ($/cwt) |
153.16 |
159.75 |
150.85 |
| Fed Cattle | ($/cwt) |
125.92 |
126.98 |
124.63 |
| Slaughter Lambs | ($/cwt) |
136.00 |
134.00 |
174.00 |
| Slaughter Goats | ($/cwt) |
189.00 |
195.00 |
191.00 |
| Cotton | (¢/lb.) |
67.75 |
68.25 |
95.75 |
| Grain Sorghum | ($/cwt) |
12.79 |
12.49 |
10.77 |
| Wheat | ($/bu.) |
8.78 |
8.67 |
6.39 |
| Corn | ($/bu.) |
7.87 |
7.87 |
6.56 |
| Oranges | ($/carton) |
13.40 |
15.95 |
13.15 |
| Grapefruit | ($/carton) |
17.30 |
17.45 |
13.70 |
| Cabbage | ($/50 lbs.) |
8.00 |
—- |
7.00 |
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| Futures Markets: |
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| Feeder Cattle | ($/cwt) |
144.20 |
144.90 |
142.15 |
| Fed Cattle | ($/cwt) |
125.75 |
125.42 |
120.55 |
| Cotton | (¢/lb.) |
69.58 |
70.35 |
99.24 |
| Wheat | ($/bu.) |
9.22 |
9.09 |
7.04 |
| Corn | ($/bu.) |
7.39 |
7.40 |
6.39 |
| Lumber | ($/MBF) |
325.00 |
315.40 |
220.00 |
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.
For additional information, contact TDA at 800-835-5832 or visit www.TexasAgriculture.gov.