TDA Market Recap, Sept. 24, 2012
Source: Texas Department of Agriculture
For the week ending Sept. 22, 2012, feeder cattle prices reported by Texas auctions were mostly steady to $5 higher per hundredweight (cwt) compared to a week earlier, with a few as much as $6 lower and some to $10 higher. Texas direct feeder cattle sales were steady to $2 higher. The Oklahoma City National Stockyards were $2 to $3 higher.
The feeder cattle situation remains unchanged with tight supplies offset by high grain prices and poor cattle feeding margins. Fed cattle cash prices were 60 cents lower per cwt. Cotton and grain prices were lower for the week.
As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were lower.
According to the weekly USDA NASS crop progress report, areas of the Panhandle, East Texas, South Texas and the Edwards Plateau received rainfall last week while the rest of the state remained dry. The condition indexes for all crops remain well above where they were at this time last year. Cotton harvest advanced to 14 percent complete, slightly ahead of the 15 percent average for this date. Bolls have opened on 61 percent of the acreage, well ahead of normal.
Corn was 69 percent harvested, equal to the average, while grain sorghum harvest was 61 percent complete compared to the normal 69 percent. Winter wheat planting advanced to 30 percent complete compared to the normal 25 percent.
Pastures in most areas need additional rainfall, with 18 percent of the acreage rated in good to excellent condition compared to 17 percent last week. The area rated poor to very poor increased from 52 to 53 percent. Twenty-nine percent was rated in fair condition compared to 31 percent a week ago.
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| Texas Cash Markets: |
Sept. 22, 2012 |
Week | Year | |
| Feeder Steers | ($/cwt) |
160.81 |
151.08 |
137.48 |
| Fed Cattle | ($/cwt) |
125.99 |
126.60 |
117.42 |
| Slaughter Lambs | ($/cwt) |
95.00 |
115.00 |
145.00 |
| Slaughter Goats | ($/cwt) |
160.00 |
166.00 |
166.50 |
| Cotton | (¢/lb.) |
68.75 |
72.25 |
103.65 |
| Grain Sorghum | ($/cwt) |
12.56 |
13.57 |
11.64 |
| Wheat | ($/bu.) |
8.84 |
9.01 |
7.09 |
| Corn | ($/bu.) |
7.87 |
8.20 |
7.05 |
| Watermelons | ($/lb.) |
0.160 |
0.160 |
0.170 |
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| Futures Markets: |
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| Feeder Cattle | ($/cwt) |
143.80 |
145.00 |
135.30 |
| Fed Cattle | ($/cwt) |
125.52 |
127.05 |
118.50 |
| Cotton | (¢/lb.) |
72.00 |
75.39 |
109.08 |
| Wheat | ($/bu.) |
9.26 |
9.29 |
7.84 |
| Corn | ($/bu.) |
7.48 |
7.78 |
6.92 |
| Lumber | ($/1000 bd ft) |
278.00 |
288.00 |
244.60 |
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 500-600 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.