Steer prices up, but grain, cotton drop

For the week ending Jan. 26, feeder steer prices at Texas auctions were $2.49 per hundredweight higher than the previous week as lower grain prices supported the feeder market. Fed cattle prices were steady.

Cotton and grain prices fell sharply at mid-week, mostly because of concerns about the general economy and pressure from non-agricultural commodity markets. Corn and grain sorghum prices recovered to close the week unchanged to slightly higher, but wheat finished lower.

As for futures markets, both feeder and finished cattle closed the week modestly higher, while cotton, wheat, corn, and lumber futures were steady to lower.

Scattered showers were reported in many areas of the state, with the heaviest rains falling in the Upper Coast, Lower Rio Grande Valley and parts of South Central Texas. However, most areas west of Interstate 35 reported that soil moisture is short to very short.

The wheat crop continues to suffer from a lack of moisture in many areas and is rated in mostly poor to very poor condition. Fieldwork continues in preparation for spring planting.