Source: Texas Department of Agriculture
For the week ending Sept. 1, 2012, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight (cwt) to $10 higher, with a few to $3 lower and some as much as $8 higher. One location noted that prices on replacement heifers were $10 to $20 higher. Texas direct feeder cattle sales were steady to $2 higher and at the Oklahoma City National Stockyards feeder cattle were steady to $5 higher. Tight feeder supplies and prospects they will get even tighter this fall continue to support higher prices while variable quality and high grain prices limited gains. The fed cattle cash trade was $2 to $3 higher, but wholesale beef prices were lower.
Cotton prices were higher amid concerns that Hurricane Isaac would damage cotton that was nearing harvest. Wheat prices increased at midweek on rumors that Russia might limit exports, but then retreated after Russian agencies decided that restrictions are not needed at this time. Corn and grain sorghum prices were lower mostly due to weak export demand.
As for futures markets, feeder cattle, cotton, wheat and corn were higher, but fed cattle and lumber were lower.
A few locations along the coast and in East Texas recorded an inch or more of rain during the week while little or no rainfall was reported elsewhere in the state.
According to the weekly USDA NASS crop progress report, the crop condition indexes for cotton, corn, peanuts, rice and grain sorghum remained unchanged from a week earlier. For cotton, 97 percent of the acreage is setting bolls or beyond, and bolls are opening on 31 percent, both well ahead of normal. Eight percent of the crop has been harvested. Corn was 73 percent mature and 61 percent harvested, both higher than the average for this date. Grain sorghum was 72 percent mature and 58 percent harvested, also ahead of the normal pace. Rice harvest was 80 percent complete compared to 84 percent on average.
Pasture conditions were near unchanged 17 percent of the acreage rated in good to excellent condition; 52 percent was rated poor to very poor; and 31 percent was rated in fair condition.

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.