Source: Texas Department of Agriculture
For the week ending Nov. 2, 2013, Texas fed cattle cash prices posted a slight increase to reach a new record high of $132.33 per hundredweight (cwt). Smaller supplies of market-ready cattle and higher beef prices continued to support the market. Feeder cattle prices reported by Texas auctions were mostly steady to $7 higher for much of the week, but turned mostly steady to $3 lower on Friday and Saturday. Texas direct feeder cattle sales were mostly steady. The same factors continue to support the market as in past weeks — higher fed cattle, reduced feeder supplies and lower grain prices. However, lower feeder cattle futures and reduced buying interest at the current higher prices also pressured markets. Wholesale beef values were higher. Beef export sales for the three weeks ending Oct. 24 were up 71 percent from the previous three-week period, but remained about 12 percent behind where they were at this time last year.
Cotton prices were lower as the advancing harvest continues to put additional supplies of new-crop cotton on the market. Export sales were more than three times higher than in the previous three-week period, but shipments were down 29 percent. Wheat prices were lower due to continued favorable weather in the U.S., a higher global production estimate and weak U.S. exports.
Weekly export sales were down 38 percent from the previous period, and shipments were 40 percent lower. Corn and grain sorghum prices also declined as the advancing harvest continues to put more new-crop grain on the market. Ongoing reports of better than expected yields and speculation that USDA will raise its production forecast also added to the pressure. Weekly corn export sales were up 65 percent from the previous three weeks and much higher than expected. Mexico was the largest buyer.
Futures markets were higher for lumber, but lower for feeder cattle, fed cattle, cotton, corn and wheat.
Most of the state recorded rainfall during the week, with the heaviest totals east of a line from Texarkana to San Antonio to Victoria. Many locations in that area received two or more inches or rain with some locally-heavy rainfall totals in excess of 10 inches. More details on agricultural weather and crop conditions are available in the weekly USDA NASS “Texas Crop Progress and Condition” report at www.texasagriculture.gov.
(Please note: Next week’s market recap will be issued on Tuesday, Nov. 12, due to the Veterans’ Day holiday on Monday.)
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Week Ending |
Previous |
Previous |
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| Texas Cash Markets: |
Nov. 2, 2013 |
Week | Year | |
| Feeder Steers | $/cwt |
180.31 |
178.95 |
159.75 |
| Fed Cattle | $/cwt |
132.33 |
132.30 |
126.98 |
| Slaughter Lambs | $/cwt |
150.00 |
149.00 |
134.00 |
| Slaughter Goats | $/cwt |
191.00 |
191.00 |
195.00 |
| Cotton | ¢/lb. |
77.50 |
79.50 |
68.25 |
| Grain Sorghum | $/cwt |
7.32 |
7.55 |
12.49 |
| Wheat | $/bu. |
7.37 |
7.62 |
8.67 |
| Corn | $/bu. |
4.77 |
4.91 |
7.87 |
| Oranges | $/carton |
15.20 |
15.50 |
15.95 |
| Grapefruit | $/carton |
19.30 |
20.25 |
17.45 |
| Futures Markets: | ||||
| Feeder Cattle | $/cwt |
163.50 |
165.55 |
144.90 |
| Fed Cattle | $/cwt |
132.07 |
132.57 |
125.42 |
| Cotton | ¢/lb. |
76.58 |
79.08 |
70.35 |
| Wheat | $/bu. |
7.34 |
7.59 |
9.09 |
| Corn | $/bu. |
4.27 |
4.40 |
7.40 |
| Lumber | $/MBF |
362.50 |
361.40 |
315.40 |
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