Feeder steer prices drop, grain rises

For the week ending Oct. 20, the average cash feeder steer price declined from a week earlier, with trends at local auction markets reported from $7 per hundredweight lower to $7 higher.

Large numbers of cattle coming to market and high grain prices continue to pressure feeder markets. Fed cattle prices increased, as fewer cattle were offered for sale and beef values rose.

Cotton, corn and grain sorghum markets closed the week higher on continued strong demand. After trading lower for most of the week, wheat prices finished virtually unchanged amid concerns about tightening world supplies.

As for futures markets, feeder cattle futures ended the week