AM_LS165 Amarillo, TX Fri Jul 18, 2008 USDA-TX Dept of Ag Market News Texas Weekly Direct Feeder Cattle Summary Confirmed: 17,700 Last Week: 22,500 Last Year: 33,600 Compared to last week: Feeder steers and heifers traded steady to 2.00 lower, with most decline late in the week. The market was uneven as many buyers lowered bids and followed declines posted at auctions, even though corn traded lower. Declines in the finished cattle prices increased the losses posted for recent closeouts. Many buyers have become unwilling to bid aggressively on distant contracts and prefer to buy for immediate needs only considering the uncertainties and negative margins that are prevalent today. Approximately 91 percent of this week's cattle weighed over 600 lbs. Approximately 66 percent of this week's receipts were steers and 34 percent heifers. Prices based on net weights FOB after a 3 percent shrink or equivalent and 5-10 cent slide on calves and 4-6 cent slide on yearlings from base weights. Delivered prices include freight, commissions and other expenses. Current sales are up to 14 days delivery. Steers: 11,700 (66 percent) Medium and Large 1: FOB Price: 700-750 lbs 108.00-112.50; 750-800 lbs 109.00- 112.00; 800-825 lbs 107.00-111.00; 900-925 lbs 106.00. Delivered Price: 650 lbs 117.00; 700-775 lbs 111.00-114.50; 800-850 lbs 113.00. Future Delivery: FOB Price: 650-700 lbs 115.00-119.00 Oct-Nov; 750-800 lbs 113.35 Nov; 850 lbs 107.00 Aug. Delivered Price: 650-700 lbs 116.90-117.95 Oct; 600-650 lbs 120.40-121.60 Nov-Dec; 700-775 lbs 114.00-115.70 Oct-Nov. Medium and Large 1-2: FOB Price: 650-700 lbs 108.90-110.50; 700-800 lbs 102.00-106.65; 900 lbs 100.00. Delivered Price: 525 lbs 113.00; 650-700 lbs 108.50; 700-750 lbs 109.50-114.15; 800 lbs 112.00. For Future Delivery: Delivered Price: 550-600 lbs 116.00 Sep; 700-800 lbs 113.25-114.55 Aug; 700 lbs Mexican Origin 100.00 Sep-Oct. Medium and Large 2: FOB Price: 725 lbs 102.00. Heifers: 6,000 (34 percent) Medium and Large 1: FOB Price 650 lbs 104.00; 725 lbs 103.00. Delivered Price: 650-700 lbs 109.00-112.00; 700-775 lbs 105.10-108.70; 800-825 lbs 105.75. Future Delivery: FOB Price: 550-600 lbs 109.00 Nov; 600-675 lbs 107.35-113.00 Sep-Nov; 700-750 lbs 111.20 Oct. Delivered Price: 600-700 lbs 111.55-114.60 Oct-Dec; 700-750 lbs 110.00-113.30 Sep-Jan. Medium and Large 1-2: FOB Price: 640 lbs 104.50. Delivered Price: 650 lbs 108.50; 700-750 lbs 103.50-109.30; 800-825 lbs 100.50-102.50. Basis Trades: Steers: FOB Basis: 750 lbs 3.00 under Aug CME. Delivered Basis: 750 lbs 1.00 under to .25 over Aug CME. Feeder Steers Medium and Large 1 Head Wt Range Avg Wt Price Range Avg Price Delivery 1315 725 725 108.00-112.50 112.28 Current FOB 1012 750-775 752 109.00-112.00 110.06 Current FOB 589 800-825 813 107.00-111.00 109.77 Current FOB 220 900 900 106.00 106.00 Current FOB 770 650 650 117.00 117.00 Current Del 1700 725 725 111.00-114.50 112.44 Current Del 65 750 750 112.20 112.20 Current Del 63 835 835 113.00 113.00 Current Del 480 850 850 107.00 107.00 Aug FOB 75 650 650 119.00 119.00 Oct FOB 150 675 675 115.00 115.00 Nov FOB 325 750 750 113.35 113.35 Nov FOB 350 650 650 116.90-117.95 117.35 Oct Del 65 750 750 115.70 115.70 Oct Del 370 625-635 629 120.40-121.60 120.83 Nov Del 70 725 725 114.00 114.00 Nov Del 260 635 635 121.60 121.60 Dec Del Feeder Steers Medium and Large 1-2 Head Wt Range Avg Wt Price Range Avg Price Delivery 150 670-683 676 108.90-110.50 109.69 Current FOB 65 700 700 105.90 105.90 Current FOB 417 750-795 781 104.40-106.65 105.20 Current FOB 61 925 925 100.00 100.00 Current FOB 800 525 525 113.00 113.00 Current Del 78 668 668 108.50 108.50 Current Del 145 706-740 722 109.50-114.15 111.80 Current Del 280 800 800 112.00 112.00 Current Del 70 725 725 113.85 113.85 Aug Del 195 760-775 770 113.25-114.55 114.01 Aug Del 180 575 575 116.00 116.00 Sep Del 420 700 700 100.00 100.00 Sep-Oct Del Mex Origin Feeder Steers Medium and Large 2 Head Wt Range Avg Wt Price Range Avg Price Delivery 68 723 723 102.00 102.00 Current FOB Feeder Heifers Medium and Large 1 Head Wt Range Avg Wt Price Range Avg Price Delivery 190 650 650 104.00 104.00 Current FOB 130 725 725 103.00 103.00 Current FOB 555 650-675 657 109.00-112.00 111.14 Current Del 410 700-725 716 105.10-108.70 107.38 Current Del 280 750 750 106.00 106.00 Current Del 127 806 806 105.75 105.75 Current Del 225 650 650 107.35 107.35 Sep FOB 150 650 650 111.55-113.00 112.28 Oct FOB 70 725 725 111.20 111.20 Oct FOB 80 574 574 109.00 109.00 Nov FOB 300 650 650 108.00 108.00 Nov FOB 340 700-725 720 110.00 110.00 Sep Del 75 650 650 111.55 111.55 Oct Del 140 700 700 110.60 110.60 Oct Del 120 600 600 114.60 114.60 Nov Del 75 650 650 112.40 112.40 Nov Del 140 725 725 113.30 113.30 Nov Del 260 600 600 114.60 114.60 Dec Del 420 700 700 111.50 111.50 Jan Del Feeder Heifers Medium and Large 1-2 Head Wt Range Avg Wt Price Range Avg Price Delivery 75 640 640 104.50 104.50 Current FOB 770 650 650 108.50 108.50 Current Del 420 700-725 706 103.50-109.30 106.57 Current Del 119 800-816 808 100.50-102.50 101.50 Current Del Source: USDA-TX Dept of Ag Market News, Amarillo, TX 806/372-6361 - email: amarillo.lgmn@usda.gov www.ams.usda.gov/mnreports/am_ls165.txt 1130c efc .