Agriculture Market Summary: 2010

Monday, December 27, 2010

Agriculture Market Recap for 12/27/10

For the week ending Dec. 25, feeder cattle prices at Texas auctions were $1 to $2 higher per hundredweight in a very light test as most of the locations covered by Market News were closed for the Christmas holidays. Fed cattle were $3 higher as processors replenished supplies following the previous week’s light purchases. Cotton and grain prices were higher for the week. Cotton prices continue to increase amid tight global supplies and strong demand with cotton futures closing at a new all-time record high on Tuesday. Wheat was higher because of concerns about the dry weather on the U.S. Central Plains and news that heavy rains in Australia may have damaged their crop. Corn prices were higher as the potential for a smaller South American crop may further tighten world supplies. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were higher. Precipitation was recorded in most of the eastern two-thirds of the state with amounts ranging from a trace to more than two inches in parts of North Texas. Crop progress and condition information are not available as USDA suspended its weekly report until after the first of the year.

All cash prices above are market averages for locations covered by the TDA 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. Futures prices are quoted for the nearest month contract on the last trading day of the week. For additional information, contact TDA Market News at (800) 252-3407 or visit our website, www.tdamarketnews.com.

Monday, December 13, 2010

Agriculture Market Recap for 12/13/10

For the week ending Dec. 11, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight, though a few locations were as much as $10 higher and some were steady to $4 lower. Tight supplies and higher fed cattle prices the past few weeks have supported the market while dry weather, which may limit winter grazing, and volatile grain prices have also applied downward pressure. Fed cattle prices were lower for the week, but remain well above values at this time last year. Cotton prices were higher as USDA lowered its 2010 production forecast and reduced projected end of year stocks to the lowest level since 1925. Wheat prices were modestly higher amid concerns about dry weather in the U.S. and wet weather in Australia. As for futures markets, cotton, wheat, corn and lumber were higher while feeder cattle and fed cattle were lower. Parts of East Texas recorded up to one-half inch of rain during the week, but little or no rainfall was recorded elsewhere in the state. Crop progress and condition information are not available as USDA suspended its weekly report until after the first of the year.

Monday, December 6, 2010

Agriculture Market Recap for 12/6/10

For the week ending Dec. 4, feeder cattle prices at Texas auctions were mostly $2 to $6 higher per hundredweight, though comparisons were not available for many locations because of the previous week’s holiday closings. The best demand and highest prices were noted on yearlings and long-weaned offerings. Fed cattle prices were $2 higher. Cotton prices were higher because of strong export sales and a ban by India on cotton yarn exports. Grain prices were higher on a weaker dollar and good export sales, especially for wheat. As for futures markets, fed cattle, cotton, wheat and corn were higher while feeder cattle and lumber were lower. Most of East Texas recorded rainfall during the week with amounts ranging from a trace to an inch or more. The rest of the state reported little or no precipitation. Topsoil moisture was rated in mostly short to adequate supply. Cotton harvest progressed to 90 percent complete, ahead of the normal 83 percent by this date. Corn harvest was completed and grain sorghum was 98 percent harvested. The winter wheat crop was 98 percent planted and 88 percent of the acreage has emerged. The crop was rated in mostly fair to good condition. Dry conditions stressed the crop, especially in the Cross Timbers, Blacklands and South Texas regions. Pastures were in mostly fair to poor condition.

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* Cash grain prices are for Tuesday prior to the Thanksgiving holiday.

Monday, November 29, 2010

Agriculture Market Recap for 11/29/10

For the week ending Nov. 27, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight with many locations closed for the Thanksgiving holiday week. The lighter holiday week sales volume and continued good demand helped support the market. Fed cattle prices were higher following increases in wholesale beef prices and reports of tighter supplies of beef in cold storage. Cotton prices were sharply lower amid ongoing concerns that Chinese demand might decline as they take steps to slow down their economy and reduce inflation. As for futures markets, feeder cattle, fed cattle, wheat and corn were higher while cotton and lumber were lower. Much of the state east of Interstate 35 reported light rainfall during the week with accumulations generally less than one-half inch. Other areas recorded little or no rain. With the dry West Texas weather, cotton harvest progressed to 88 percent complete, well ahead of the normal 73 percent by this date. Corn harvest is nearing completion with only a few late fields remaining. Grain sorghum was 97 percent harvested and peanut harvest was 98 percent complete. The winter wheat crop was 95 percent planted and 82 percent of the acreage has emerged. The crop needs rain in many areas. Vegetable and citrus harvests were active in South Texas and the Lower Rio Grande Valley. Crops and pastures were reported in mostly good to fair condition.

* Cash grain prices are for Tuesday prior to the Thanksgiving holiday.

Monday, November 22, 2010

Agriculture Market Recap for 11/22/10

For the week ending Nov. 20, feeder cattle price trends at Texas auctions were steady to $5 higher per hundredweight, as demand remains good for the available cattle supply. Fed cattle prices were near unchanged from a week ago and wholesale beef prices were higher. Cotton and grain prices were mostly lower to sharply lower for the week amid concerns that exports to Chinese would falter after it took additional steps to slow down its economy. Strong weekly cotton and wheat exports and concerns about dry weather in winter wheat producing areas did little to moderate the decline. As for futures markets, feeder cattle and fed cattle were higher while cotton, wheat, corn and lumber were lower. Little or no precipitation was reported in most areas of the state though parts of East Texas and areas along the Red River recorded a trace to as much as one inch of rain. Cotton harvest progressed to 80 percent complete, well ahead of normal, though high winds on the Southern High Plains did cause some delays. The corn crop was 98 percent harvested and grain sorghum harvest was ahead of normal at 91 percent complete. The winter wheat crop was 94 percent planted and 80 percent of the acreage has emerged. The crop was reported in mostly fair to good condition and needed rain in many areas. In the Lower Valley, citrus and sugarcane harvests were active, and cabbage harvest was progressing well in South Texas. Pastures were reported in mostly fair to poor condition as cooler temperatures and shorter days push grass into dormancy.

Tuesday, November 16, 2010

Agriculture Market Recap for 11/15/10

For the week ending Nov. 13, feeder cattle price trends at Texas auctions were mixed with some locations steady to $5 higher per hundredweight and others steady to $4 lower. Demand remains strong for the available cattle, but volatile feed grain prices applied downward pressure. Fed cattle prices were higher than a week ago and remain well above last year’s levels. Cotton and grain prices were lower to sharply lower after China raised interest rates to slow economic growth and reduce inflation. China is a major destination for global exports and anything that might reduce its demand for commodities has an impact worldwide. As for futures markets, feeder cattle, fed cattle and lumber were higher, while cotton, wheat and corn were lower. Much of the state east of Interstate 35 and north of Interstate 20 reported rainfall with amounts of more than two inches in isolated areas. Little or no rain was reported in other locations. Topsoil moisture was rated in mostly adequate to short supply statewide. Cotton harvest was 68 percent complete with bolls open on 99 percent of the acreage, both ahead of the normal pace. The corn crop was 97 percent harvested and grain sorghum harvest is 90 percent complete. Winter wheat seedings are 90 percent complete and 72 percent of the acreage has emerged, both slightly behind normal. In many areas, the crop needs additional rainfall to boost emergence and growth. Cotton, corn, grain sorghum and peanuts were reported in mostly good to fair condition, while wheat and pastures were rated mostly fair to good.

Monday, November 8, 2010

Agriculture Market Recap for 11/8/10

For the week ending Nov. 6, feeder cattle prices at Texas auctions were mostly steady to $6 higher per hundredweight, though some locations noted lower prices on at least a portion of their offerings. Volatile, higher feed grain prices and a lower fed cattle market contributed to the weakness. Fed cattle prices followed wholesale beef values lower, though both remain well above year-ago levels. Cotton prices were sharply higher because of a weaker dollar, export restrictions by India and reports that China’s crop is smaller than expected. The cheaper dollar, which makes U.S. goods less expensive for foreign buyers, also pushed wheat, corn and grain sorghum prices higher. Wheat received an added boost from concerns that dry weather would hurt the U.S. crop. As for futures markets, feeder cattle, cotton, wheat, corn and lumber were higher, while fed cattle were lower. Areas of the state along and east of Interstate 35 reported rainfall last week, ranging from a trace to more than 5 inches in a few isolated locations. Other parts of the state reported little or no rainfall. Dry weather on the Plains allowed the cotton harvest to progress to 60 percent complete, compared to 38 percent on average by this date in previous years. Corn harvest is nearing completion and the grain sorghum crop is 86 percent harvested. Winter wheat seedings are also nearing completion with 89 percent of the crop planted and 70 percent emerged. In many areas, the wheat crop would benefit from additional rain. Crops were reported in mostly good to fair condition, while pastures were rated mostly fair to good.

Monday, November 1, 2010

Agriculture Market Recap for 11/1/10

For the week ending Oct. 30, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight in spite of lower futures prices and a decline in fed cattle markets. Demand remains strong for the available supply of feeders as stocker operators book cattle for winter grazing and feedlots try to process replacements while the weather is still favorable. Fed cattle prices declined along with wholesale beef prices, but remain well above year-ago levels. Cotton and grain prices were higher as a weaker dollar made U.S. goods cheaper for foreign buyers. Cotton received an added boost from continued strong global demand and slow deliveries by growers in India. Grains also benefitted from uncertainties about the size of this year’s U.S. corn crop. As for futures markets, cotton, wheat, corn and lumber were higher while feeder cattle and fed cattle were lower. Most of the state reported little or no rainfall during the week with less than an inch of rain recorded in parts of the Upper Panhandle and East Texas. Topsoil moisture was reported to be in mostly adequate to short supply, with very short conditions persisting in East Texas. Cotton harvest progressed to 45 percent complete, well ahead of normal, and bolls are opening on 97 percent of the acreage. Corn harvest is nearing completion and grain sorghum is 80 percent harvested, both slightly ahead of normal. Peanut harvest is 78 percent complete, compared to 54 percent on average by this date. Winter wheat seedings are 85 percent complete, slightly ahead of normal. Crops were rated in mostly good to fair condition while pastures were reported fair to good.

Monday, October 25, 2010

Agriculture Market Recap for 10/25/10

For the week ending Oct. 23, feeder cattle prices at Texas auctions were mostly steady to $6 higher per hundredweight with a few to $2 lower and some to $10 higher. A sharp increase in fed cattle prices helped push feeder markets higher. Fed cattle were up nearly $5 per hundredweight following recent increases in wholesale beef prices and stiff competition for the available cattle supply. Cotton prices were much higher as predictions for a smaller Chinese crop threatened to further tighten supplies and a weak dollar made U.S. cotton cheaper for foreign buyers. Grain prices ended the week mostly lower as demand slipped due to recently higher prices. As for futures markets, feeder cattle, fed cattle and cotton were higher, while wheat, corn and lumber were lower. Much of the state recorded little or no rainfall last week, though locally heavy amounts in excess of two inches were reported in parts of West Texas, the High Plains and Northeast Texas. Some hail damage was reported from storms on the Southern Plains. Topsoil moisture was rated mostly short to adequate. Cotton harvest progressed to 37 percent complete and bolls were opening on 96 percent of the acreage, both well ahead of the normal pace. Corn was 93 percent harvested, and the grain sorghum harvest was 79 percent complete, both slightly ahead of average. Winter wheat seedings were 81 percent complete and 49 percent of the acreage has emerged, well behind normal. The crop needs rain in many areas to boost emergence and growth. Cotton, corn, grain sorghum, peanuts, wheat and pastures were reported in mostly good to fair condition statewide.

Monday, October 18, 2010

Agriculture Market Recap for 10/18/10

For the week ending Oct. 16, feeder cattle prices at Texas auctions were mostly $2 to $5 lower per hundredweight compared to the previous week with some down as much as $8. A few locations noted prices $1 to $4 higher on a limited number of sales. Prices have declined seasonally, but remain higher than this time last year. The fed cattle market followed wholesale beef prices higher. Cotton prices were higher amid strong export sales, a weaker dollar and improved domestic demand. Corn and grain sorghum prices continued to rise in response to USDA forecasts for a smaller U.S. crop. Wheat declined as ample global supplies pressured the market. As for futures markets, feeder cattle, fed cattle, cotton, corn and lumber were higher while wheat was lower. Most of the state recorded little or no rainfall during the week, though parts of East Texas reported as much as two inches of rain with higher amounts in isolated areas. Topsoil moisture was rated mostly short to adequate statewide with very short moisture reported in much of the Plains and East Texas. Cotton harvest progressed to 26 percent complete and bolls were opening on 92 percent of the acreage, both ahead of the normal pace. Corn was 89 percent harvested and 99 percent mature. Grain sorghum was 74 percent harvested, equal to the average pace, and 94 percent mature, well ahead of normal. Winter wheat seedings advanced to 73 percent complete, slightly ahead of normal, and 41 percent of the acreage has emerged. Cotton, corn, grain sorghum, peanuts and pastures were reported in mostly good to fair condition.

Monday, October 11, 2010

Agriculture Market Recap for 10/11/10

For the week ending Oct. 9, feeder cattle prices at Texas auctions were mostly steady to $3 higher per hundredweight, though some reported prices to $10 higher and some to $7 lower. Markets remain under pressure from seasonal increases in the number of young calves coming to market while overall tight feeder cattle supplies continue to hold prices well above year-ago levels. Fed cattle prices were $2 lower following declines in wholesale beef prices. Cotton and grain prices were sharply higher for the week after USDA released its monthly crop production and supply and demand reports on Friday. Cotton prices were higher after USDA lowered its production estimate for China and reduced projected exports from India. Corn and grain sorghum prices were sharply higher as the U.S. corn production forecast was reduced by 4 percent and grain sorghum by 10 percent from previous forecasts. Wheat followed other grains higher. As for futures markets, cotton, wheat, corn and lumber were higher while feeder cattle and fed cattle were lower. Most of the state reported little or no rainfall during the week with the heaviest amounts of up to two inches recorded from the Dallas-Fort Worth area north to the border. No crop progress information is available for this week because the office that provides that report is closed for the federal Columbus Day holiday.

Monday, October 4, 2010

Agriculture Market Recap for 10/4/10

For the week ending Oct. 2, feeder cattle prices at Texas auctions were mixed, with most early week auctions steady to $5 lower per hundredweight and sales later in the week mostly steady to $4 higher. Seasonally higher calf numbers continued to pressure markets while lower feed grain prices allowed buyers some room to increase bids. Fed cattle prices were lower following a decline in wholesale beef prices. Cotton prices were higher on news of a smaller Chinese crop and strong export sales. Corn prices were lower after USDA reported more in storage than expected, easing concerns about supplies this fall. Wheat prices were lower because of weak export sales and beneficial rains in Russia. As for futures markets, feeder cattle were higher while fed cattle, cotton, wheat, corn and lumber were lower. Most of the state recorded little or no rainfall during the week with an inch or less reported in South Texas from Brownsville to Del Rio and on parts of the High Plains. Topsoil moisture remains mostly adequate to short with the driest conditions reported in East Texas and surplus moisture noted in parts of South Texas and the Upper Coast. Cotton, corn and grain sorghum harvests remain behind their normal pace. Cotton harvest progressed to 16 percent complete statewide and is just getting under way on the Southern High Plains. Bolls were opening on 80 percent of the acreage. Corn harvest was 68 percent complete and 92 percent of the acreage was mature. Grain sorghum was 61 percent harvested. Winter wheat seedings were ahead of normal at 54 percent complete. Cotton, corn, grain sorghum and soybeans were reported in mostly good to fair conditions while peanuts were reported mostly good to excellent.

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Tuesday, September 28, 2010

Agriculture Market Recap for 9/27/10

For the week ending Sept. 25, feeder cattle prices at Texas auctions were mostly steady to $5 lower per hundredweight, with a few locations as much as $10 lower and a few to $2 higher. Tight overall supplies continue to support prices above a year ago, though higher grain prices and lower futures markets added to seasonal declines from a week earlier. Cash fed cattle prices were up slightly as higher beef values early in the week offset a report showing higher than expected feedlot inventories. Cotton prices were higher as tight global supplies, better than expected export sales and improved domestic mill usage continue to support the market. Concerns about corn yields and a weaker dollar helped push corn and grain sorghum prices higher. As for futures markets, cotton, corn and lumber were higher while feeder cattle, fed cattle and wheat were lower. Much of the state saw scattered showers during the week, with the heaviest rainfall totals in excess of three inches along the Gulf Coast, on the Low Plains and in the Cross Timbers region. Topsoil moisture was rated mostly adequate to short, with some very short areas in East Texas and surplus conditions along the Gulf Coast and in South Central Texas. Cotton harvest was behind normal at 14 percent complete, and bolls were opening on 58 percent of the acreage. Grain sorghum was 60 percent harvested and 79 percent of the crop was rated mature. Corn harvest progressed to 64 percent complete statewide and was nearing completion in the Blacklands region. Winter wheat seedings were 36 percent complete, slightly behind the average pace, and 9 percent of the acreage has emerged. Cotton, corn, grain sorghum and pastures were reported in mostly good to fair condition, while peanuts were rated mostly good to excellent.

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Monday, September 20, 2010

Agriculture Market Recap for 9/20/10

For the week ending Sept. 18, feeder cattle prices at Texas auctions were mixed, mostly $2 to $6 lower per hundredweight, with a few locations to $9 lower, a few to $4 higher and some steady. Increasing numbers of spring-born calves are coming to market, pulling prices seasonally lower, with higher grain prices adding to the decline. Fed cattle prices were modestly higher in spite of lower wholesale beef prices. Cotton prices were sharply higher because of continued tight supplies, possible export restrictions by India and much better than expected export sales. Ongoing concerns that actual corn yields are lower than the most recent USDA forecast pushed corn prices above $5 per bushel for the first time since September 2008. Other grains followed corn higher. As for futures markets, feeder cattle, fed cattle, cotton, wheat and corn were higher while lumber was lower. Rainfall during the week ranged from a trace to more than six inches with the heaviest amounts falling in the Coastal Bend and Lower Rio Grande Valley. The rains have been mostly beneficial, but have caused harvest delays in some areas. Topsoil moisture was reported to be mostly adequate to short with surplus conditions noted in parts of South Central Texas and along the Gulf Coast. Cotton harvest progressed to 14 percent complete, slightly behind normal, and bolls were opening on 53 percent of the acreage. Corn harvest was also behind normal at 57 percent complete, and 77 percent of the acreage was reported mature. Grain sorghum was 46 percent harvested and 66 percent mature. Winter wheat seedings were slightly ahead of normal at 25 percent complete. Cotton, grain sorghum, corn, rice and pastures were reported in mostly good to fair condition, while peanuts were rated mostly good to excellent.

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Tuesday, September 14, 2010

Agriculture Market Recap for 9/13/10

For the week ending Sept. 11, feeder cattle prices at Texas auctions were mostly steady to $5 lower per hundredweight, but remain well above where they were this time last year. Concerns about future feed grain prices added to seasonal declines. Fed cattle were higher in spite of lower wholesale beef prices. Cotton and corn cash prices were unchanged, but ended the week on a higher note after USDA raised export projections for both crops and reduced its corn production forecast. Wheat prices were higher for the week amid ongoing concerns about European production, but were lower on Friday after USDA reported ample global supplies. As for futures markets, wheat, corn and lumber were higher while feeder cattle, fed cattle and cotton were lower. Tropical Storm Hermine brought heavy rainfall to the region from Brownsville to Houston and over to the state border north of Dallas-Fort Worth. The heaviest amounts fell along the Interstate 35 corridor from San Antonio north to the border and into South-Central Texas. Topsoil moisture was adequate to surplus in the areas that received the heaviest rains and adequate to short elsewhere. Cotton harvest progressed at a slower-than-normal pace and was 10 percent complete. Bolls were opening on 41 percent of the acreage, well ahead of normal. The corn crop was 50 percent harvested, behind the normal 66 percent by this date, and 73 percent of the crop was rated mature. Grain sorghum harvest was 45 percent complete and rice harvest was nearing completion. Wheat seeding was 9 percent complete and some acreage has emerged. Peanuts were rated in mostly good to excellent condition, while cotton, corn, rice, grain sorghum, soybeans and pastures were mostly good to fair.

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Tuesday, September 7, 2010

Agriculture Market Recap for 9/7/10

For the week ending Sept. 4, feeder cattle price trends at Texas auctions were mixed, mostly $5 lower per hundredweight to $2 higher, with a few to $5 higher. Feeder prices normally decline during the late summer and fall as increasing numbers of recently weaned calves come to market. However, tighter supplies continue to hold prices well above where they were at this time last year. Fed cattle prices were lower after wholesale beef prices declined. Cotton prices hit a record 85.38 cents per pound as tight supplies of old crop cotton continue to push markets higher. Corn and grain sorghum increased on reports that corn yields may decline from last month’s USDA forecast. Strong export sales pushed wheat prices higher. As for futures markets, fed cattle, cotton, wheat and corn were higher while feeder cattle and lumber were lower. Much of the state recorded rainfall last week with amounts ranging from a trace to more than four inches in some locations. Topsoil moisture was rated mostly short to adequate with very dry conditions noted in parts of East Texas. Cotton harvest progressed to 9 percent complete, slightly behind the normal pace, and bolls were opening on 23 percent of the acreage. Grain sorghum and corn were both 44 percent harvested, well behind the average for this date. High aflatoxin levels remain a concern for many corn growers. The winter wheat crop was 3 percent seeded with land preparations active in most areas. Rice harvest was nearing completion and soybean harvest was active. Cotton, grain sorghum, soybeans and rice were reported to be in mostly good to fair condition; corn and peanuts were rated mostly good to excellent; and pastures were fair to good.

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Tuesday, August 31, 2010

Agriculture Market Recap for 8/30/10

For the week ending Aug. 28, feeder cattle prices at Texas auctions were mostly steady to $3 higher, with a few as much as $8 higher. However, some sales later in the week were $1 to $4 lower. Tight supplies and good demand continue to support markets, though the hot, dry weather and somewhat volatile grain prices have limited gains. Fed cattle were near unchanged and wholesale beef prices ended the week modestly lower. Cotton prices were higher amid ongoing concerns about flooding in Pakistan. Wheat prices declined as ample global supplies are expected to make up for reduced production in Russia. Corn and grain sorghum ended the week unchanged with expectations for a large U.S. crop offsetting indications that yields may come in lower than current USDA forecasts. As for futures markets, feeder cattle and cotton were higher, while fed cattle, wheat, corn and lumber were lower. Much of the state recorded little or no rainfall during the week, though locally heavy amounts in excess of two inches were reported in parts of West Texas and the High Plains. Topsoil moisture was rated in mostly short to adequate supply. Cotton harvest progressed to 6 percent complete and bolls were opening on 15 percent of the acreage, both well behind the normal pace. Corn harvest was 37 percent complete and 57 percent of the crop was mature. Grain sorghum was 42 percent harvested and rice harvest was 78 percent complete. Preparations for winter wheat seedings are underway with some of the crop planted on the Northern High Plains. Corn and peanuts were reported in mostly good to excellent condition, while cotton, grain sorghum, rice, soybeans and pastures were reported mostly good to fair.

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Monday, August 23, 2010

Agriculture Market Recap for 8/23/10

For the week ending August 21, feeder cattle price trends at Texas auctions were mixed, with some locations steady to $6 lower and others steady to $4 higher. The hot, dry weather continues to limit demand, though tight feeder cattle supplies, higher fed cattle markets and lower grain prices helped push some locations higher. Fed cattle were sharply higher following recent increases in wholesale beef prices. Cotton prices declined due to good growing weather in many areas and prospects for a good U.S. crop. Wheat prices were lower because of the ample global supplies. Corn and grain sorghum were higher after a Midwest crop tour reported that yields might be lower than current forecasts. As for futures markets, feeder cattle, fed cattle, corn and lumber were higher while cotton and wheat were lower. Most areas of the state recorded hot temperatures and little or no rainfall although as much as two inches of rain fell in isolated locations on the High Plains, Southern Plains and in Southeast Texas. Topsoil moisture remains in mostly short to adequate supply with additional areas reporting very short conditions. Cotton harvest is underway with five percent of the acreage harvested, slightly behind normal. Bolls are opening on 14 percent of the crop and bolls are setting on 91 percent. Corn harvest progressed to 36 percent complete and 56 percent of the crop is mature, both behind the normal pace. Grain sorghum harvest was 41 percent complete and rice was 58 percent harvested. Corn and peanuts were reported in good to excellent condition while cotton, rice, grain sorghum, soybeans and pastures were mostly good to fair. Conditions indexes for these crops are higher than they were at this time last year.

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Monday, August 16, 2010

Agriculture Market Recap for 8/16/10

For the week ending August 14, feeder cattle prices at Texas auctions were mostly steady to $5 lower per hundredweight, with a few sales to $4 higher and some to $6 lower. Hot weather and volatile grain prices added to the seasonal declines, while tight supplies continue to hold prices well above last year's levels. Fed cattle prices were $2 higher following increases in wholesale beef prices. Cotton ended the week higher on a continued tight supply of stocks ready for export; hot weather over much of the Cotton Belt; and flooding in Pakistan. Corn and wheat prices declined as strong U.S. production and ample global supplies are expected to more than make up for lower European grain production. As for futures markets, fed cattle, cotton, wheat, corn and lumber were higher, while feeder cattle were lower. Hot, dry conditions prevailed across the state last week. Most areas recorded little or no rainfall, though some isolated locations on the High Plains and along the coast received two inches or more. Topsoil moisture was rated mostly short to adequate, with some surplus conditions remaining in the Lower Valley and very short moisture in parts of East Texas, the Blacklands and Edwards Plateau. Cotton was setting bolls well ahead of average on 87 percent of the acreage, while bolls were opening on 13 percent. Grain sorghum development was behind normal with 52 percent of the crop mature and 36 percent harvested. Crop losses were reported in some areas after late rains caused grain sorghum heads to sprout. Corn was rated 55 percent mature and 31 percent harvested, both behind the average pace. Rice was 34 percent harvested. Cotton, grain sorghum, corn, rice, and pastures were reported in mostly good to fair condition, while peanuts were mostly good to excellent.

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Monday, August 9, 2010

Agriculture Market Recap for 8/9/10

For the week ending August 7, feeder cattle price trends at Texas auctions were uneven, from $5 lower per hundredweight to $5 higher. Higher grain prices and steady fed cattle prices pressured the feeder market. Fed cattle prices were near unchanged with wholesale beef prices lower. Cotton ended the week higher on a continued tight supply of certified stocks ready for export and hot weather over much of the Cotton Belt. Wheat prices rose because of the drought in Europe and an announcement that Russia will ban grain exports April 15 though the end of the year. That should boost demand for U.S. wheat and help sustain the market’s recovery from very low prices earlier in the summer. Corn and grain sorghum followed wheat higher. As for futures markets, fed cattle, cotton, wheat and corn were higher, while feeder cattle and lumber were lower. Some of the hottest temperatures of the season and widely scattered showers dominated weather during the week. Soil moisture was reported in adequate to short supply in most areas, though flooding remains a problem in parts of the Lower Valley. Cotton was reported in mostly good to excellent condition and was setting bolls on 78 percent of the acreage, with bolls opening on 12 percent. Corn harvest progressed to 13 percent complete and grain sorghum was 32 percent harvested. Rice was 87 percent headed and 12 percent of the crop has been harvested. Corn and peanuts were rated in mostly good condition while rice, cotton, sorghum and pastures were rated mostly good to fair.

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Monday, August 2, 2010

Agriculture Market Recap for 8/2/10

For the week ending July 31, feeder cattle price trends at Texas auctions were uneven, from $4 lower per hundredweight to $5 higher, with a few locations as much as $8 higher. Feeder cattle supplies remain tight, but lower fed cattle prices and higher grain markets pulled some locations lower. Fed cattle were $2 lower following a drop in wholesale beef prices. Cotton prices ended the week higher on a tight supply of certified stocks ready for export; hot weather over much of the Cotton Belt; and dry conditions in the Mississippi Delta. Wheat prices rose on stronger-than-expected export sales and thoughts that a short crop in Europe and Canada will boost demand for U.S. wheat. Corn and grain sorghum followed wheat higher. As for futures markets, cotton, wheat and corn were higher, while feeder cattle, fed cattle and lumber were lower. Areas east of Interstate 35 and the Cross Timbers region recorded rainfall ranging from a trace to more than three inches with most other locations reporting lesser amounts. Topsoil moisture was rated mostly adequate to short, except for some surplus conditions mostly in coastal regions. Cotton was squaring on 95 percent of the acreage, well ahead of normal, with bolls opening on 7 percent. The crop was rated mostly good to excellent, though some rain and flood damage was reported in the Lower Valley. Corn has benefited from recent rains on the High Plains, but harvest delays were noted in South Central Texas and the Blacklands region. The crop was reported 38 percent mature and 3 percent harvested, both well behind normal. Rains also delayed grain sorghum and rice harvests along the Upper Coast. Most crops and pastures were reported in good to fair condition statewide.

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Monday, July 26, 2010

Agriculture Market Recap for 7/26/10

For the week ending July 24, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight, though a few locations were as much as $5 lower. Tight supplies of feeder cattle, lower grain prices and fed cattle prices that were up $1 for the week all contributed to the increase. Steady to higher wholesale beef prices helped push fed cattle markets higher. Cotton prices were higher on good export sales and prospects for increased Chinese purchases. Wheat prices increased as hot, dry weather in Europe threatened to reduce global supplies and thus increase demand for U.S. wheat. Corn was lower as favorable growing conditions boosted prospects for a large crop this year. As for futures markets, feeder cattle, fed cattle, cotton, wheat and lumber were higher, while corn was lower. Parts of the High Plains, South Texas and the Gulf Coast had up to eight inches of rain during the week, while little to no precipitation was reported elsewhere in the state. Soil moisture was rated mostly adequate to short. Some very short conditions were noted in East Texas and the Trans-Pecos, and surplus moisture impacted parts of South Texas and the Gulf Coast. Wheat harvest has been completed in most areas and field preparations for this year’s plantings are underway in some locations. Cotton is squaring on 92 percent of the acreage, ahead of the normal pace, and bolls are opening on 6 percent. Corn was in the dough stage on 57 percent of the acreage and 30 percent of the crop is mature, both behind average. Grain sorghum is 16 percent harvested, also behind the average. Cotton, corn, peanuts and rice were rated in mostly good to excellent condition, while grain sorghum and pastures were mostly good to fair.

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Monday, July 19, 2010

Agriculture Market Recap for 7/19/10

For the week ending July 17, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight, with a few locations as much as $9 higher. A shrinking supply of feeders and fed cattle prices that averaged $1.65 per hundredweight higher than a week ago supported the market. Cotton prices were higher for the week on good export sales and expectations for more purchases by China. Wheat prices increased amid concerns that hot dry weather in Europe would reduce world production and thus increase demand for U.S. wheat. Corn and grain sorghum followed wheat higher with additional support from a weaker dollar and higher crude oil prices. As for futures markets, fed cattle, cotton, wheat and corn were higher, while fed cattle and lumber were slightly lower. Parts of Southeast Texas, the High Plains and the Trans-Pecos recorded as much as four inches of rain during the week, while other areas saw little to no precipitation. Topsoil moisture was rated mostly adequate, with short supplies noted in East, Central and West Texas. Wheat harvest neared completion. Cotton progressed well with 81 percent of the acreage setting bolls, well ahead of normal. The crop was rated in mostly good to excellent condition, though cotton on the northern High Plains needs warmer temperatures to boost development. Corn was silking on 83 percent of the acreage, and 26 percent of the crop is mature. Grain sorghum was 35 percent mature and harvest was 9 percent complete, both behind the normal pace. Corn, grain sorghum and pastures were reported in good to fair condition. Cotton, peanuts and rice were rated good to excellent.

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Tuesday, July 13, 2010

Agriculture Market Recap for 7/13/10

For the week ending July 10, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight with a few locations as much as $9 higher. Fed cattle prices were $1 to $1.50 higher per hundredweight in spite of lower wholesale beef prices. Cotton prices declined after beneficial rains from Hurricane Alex boosted crop prospects, which were confirmed in the USDA supply and demand report on Friday. Grain prices were higher for the week, but declined on Friday after USDA released higher than expected production and stocks projections. Wheat prices were supported by concerns that hot, dry weather in Europe could reduce global production. Higher crude oil prices and a weaker dollar supported corn and grain sorghum markets. As for futures markets, feeder cattle, fed cattle, cotton, wheat and corn were higher, while lumber was lower. Most of the state recorded rainfall during the week with the heaviest amounts along the coast and on the Plains. Topsoil moisture was rated mostly adequate to surplus statewide, though some short moisture supplies were also noted, especially in the Blacklands and parts of Northeast Texas. Wheat harvest was 91 percent complete, though rains caused delays in some areas. On the High Plains, cotton development was slowed by cooler than normal temperatures. Statewide, 75 percent of the acreage is squaring and 14 percent is setting bolls, both ahead of normal. Grain sorghum planting neared completion and 3 percent of the crop has been harvested, well behind average. For corn, 74 percent of the acreage is silking, slightly ahead of normal, and 19 percent of the acreage is mature. Crops and pastures were reported in mostly good condition.

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Tuesday, July 6, 2010

Agriculture Market Recap for 7/6/10

For the week ending July 3, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight with a few as much as $10 higher. Auction receipts were down for the week as most late-week sales were closed for the Independence Day holiday weekend. Fed cattle prices were unchanged for the week and wholesale beef prices were slightly higher. Cotton prices declined on favorable growing conditions and prospects for a larger U.S. crop. Corn and grain sorghum prices were higher for the week after USDA reported fewer planted acres and lower stocks in storage than expected. As for futures markets, wheat, corn and lumber were higher, while feeder cattle, fed cattle and cotton were lower. Most of the state received rainfall during the week with parts of South Texas, the Coastal Bend and the Upper Coast recording 10 to 15 inches of rain from Hurricane Alex. Topsoil moisture supplies were rated mostly adequate to short, with surplus conditions noted in areas that received drenching rains from Alex. Wheat harvest progressed to 78 percent complete statewide, well behind the normal 88 percent, but nearing completion in some areas. Cotton planting has been completed with 56 percent of the acreage squaring and 11 percent setting bolls. Grain sorghum planting is nearing completion and 56 percent of the acreage is headed. Harvest has begun in a few areas. The state’s corn crop is silking on 55 percent of the acreage and 6 percent was mature. Crop and pasture conditions were rated mostly good to fair statewide.

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Monday, June 28, 2010

Agriculture Market Recap for 6/28/10

For the week ending June 26, feeder cattle prices at Texas auctions were mostly steady to $6 higher per hundredweight, with a few locations to $2 lower. Competition for a shrinking supply of feeders pushed prices higher in most locations, but dry pasture conditions reduced demand in a few areas, pulling some prices lower. Fed cattle prices were near unchanged from a week ago. Grain prices were lower as ample world supplies and favorable growing conditions pressured markets. Cotton prices were unchanged as expectations for improved global demand were offset by prospects for a larger U.S. crop. As for futures markets, feeder cattle, fed cattle and cotton were higher, while wheat, corn and lumber were lower. Parts of the Plains and East Texas recorded as much as three inches of rain with scattered showers reported elsewhere. Statewide, topsoil moisture was reported in mostly short to adequate supply. Wheat harvest was 58 percent complete, well behind the normal 73 percent for this date, as rainfall delayed harvest in some areas of the High Plains and Blacklands. Cotton planting neared completion and 8 percent of the acreage is now setting bolls, slightly behind average. Grain sorghum was 95 percent planted, 49 percent headed and 9 percent mature. The corn crop was progressing with 51 percent of the acreage silked and 40 percent in dough-stage – both slightly behind normal. Crops and pastures were reported in mostly good to fair condition.

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Monday, June 21, 2010

Agriculture Market Recap for 6/21/10

For the week ending June 19, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight, with a few locations to $4 lower. Tighter supplies of quality feeder cattle and good summer grazing in many areas continue to support markets. Fed cattle prices were lower as wholesale beef values continued to decline. Cotton prices were higher on expectations for stronger export demand. Corn and grain sorghum were higher on prospects for additional exports to China and concerns about poor weather conditions in the Midwest. Wheat prices received a boost from reports of reduced plantings in Canada. As for futures markets, feeder cattle, cotton, wheat and corn were higher, while fed cattle and lumber were lower. Most areas of the state received rainfall during the week with amounts ranging from a trace to more than five inches with reports of localized flooding in some areas. Topsoil moisture levels remained mostly short to adequate. Wheat harvest began on the Northern High Plains and was 43 percent complete statewide, well behind the normal 56 percent. The corn crop was 98 percent emerged and 29 percent of the acreage was in dough stage. Cotton planting was nearing completion and seven percent of the crop is setting bolls. Grain sorghum planting advanced to 93 percent complete and 45 percent of the acreage was headed. Most crops and pastures were reported in mostly good to fair condition, with corn and rice rated mostly good to excellent.

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Monday, June 14, 2010

Agriculture Market Recap for 6/14/10

For the week ending June 12, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight, with a few to $8 higher and some locations $1 to $4 lower. Demand remains strong for a tightening supply of high quality feeders. Fed cattle were $2 lower following another decline in wholesale beef prices. Cotton prices were higher on prospects for expanded exports and signs of continued economic recovery in China, the largest customer for U.S. cotton. Corn and grain sorghum were higher after USDA released projections for higher usage for ethanol production. Wheat prices continued to decline, as ample global supplies remain a burden on markets as the U.S. harvest gathers momentum. As for futures markets, feeder cattle, cotton, wheat and corn were higher, while fed cattle and lumber were lower. Parts of East and North Texas recorded up to 10 inches of rain during the week, with scattered showers reported elsewhere. The wheat harvest advanced to 29 percent complete, well behind the normal 39 percent for this date as rains caused delays in some areas. The crop was reported in mostly good to fair condition. Cotton planting was at 93 percent complete, slightly ahead of normal, and 4 percent of the acreage was setting bolls. Corn planting was nearing completion with 46 percent of the crop silking. Grain sorghum was 88 percent planted and 42 percent of the crop was headed. Crops and pastures were reported in mostly good to fair condition statewide.

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Monday, June 7, 2010

Agriculture Market Recap for 6/7/10

For the week ending June 5, feeder cattle prices at Texas auctions were mostly steady to $3 higher per hundredweight with a few locations to $6 higher and some to $5 lower. Demand remains good for a tighter supply of high quality feeders, especially in areas that have received adequate rainfall and expect good summer grazing. The fed cattle market was higher in spite of lower beef prices. Cotton and grain prices were lower to sharply lower as good growing conditions, a stronger dollar, lower crude oil prices and concerns about future demand pressured markets. As for futures markets, feeder cattle, fed cattle and lumber were slightly higher, while cotton, wheat and corn were lower. Many areas of the state reported rainfall during the week with amounts ranging from a trace to more than five inches. Topsoil moisture was rated mostly adequate to short with the driest conditions reported in parts of East Texas. The state’s wheat crop continues to mature with almost all the acreage now headed and 17 percent harvested, behind the normal 24 percent. Cotton planting was 88 percent complete, ahead of the 84 percent average, and 9 percent of the acreage was squaring. Corn planting neared completion and 37 percent of the acreage was silking. Planting of grain sorghum, peanuts, soybeans and sunflowers was also active. Most crops and pastures were reported in good to fair condition.

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Tuesday, May 25, 2010

Agriculture Market Recap for 5/24/10

For the week ending May 22, feeder cattle prices at Texas auctions were mostly steady to $5 lower per hundredweight with a few to $5 higher compared to a week ago. Fed cattle prices were $2.70 lower per hundredweight. Cattle prices normally decline in the late spring and early summer. Lower wholesale beef prices and concerns that a slower economic recovery may reduce future beef demand were also factors in the decline. Cotton prices increased on good export demand and talks of an increase in China’s import quota. Better than expected export demand also boosted grain prices. As for futures markets, cotton, wheat and corn were higher while feeder cattle, fed cattle and lumber were lower. Many areas of the state received rainfall last week with amounts ranging from a trace to as much as five inches. Topsoil moisture was reported in mostly adequate to short supply with much of East Texas short to very short. The state’s wheat crop is 95 percent headed and 2 percent of the acreage has been harvested. Cotton is 48 percent planted, slightly behind the normal pace, and 7 percent of the acreage is squaring. Rice planting is nearing completion. Corn was 96 percent planted and 15 percent of the crop is silking, both slightly behind average. Grain sorghum, peanut and soybean planting were also active and ahead of the normal pace. Most crops and pastures were reported in good to fair condition, while rice was good to excellent.

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Monday, May 17, 2010

Agriculture Market Recap for 5/17/10

For the week ending May 15, feeder cattle price trends at Texas auctions were again mixed, from $5 lower per hundredweight to $6 higher. The biggest declines were noted in East Texas where dry conditions limited buying interest. In other areas, the focus appeared to be shifting from lighter weight summer grazers to heavier cattle coming off wheat pastures. Fed cattle prices were near unchanged. Cotton prices were unchanged and grains lower as outside influences, including lower stock markets, a stronger dollar and lower crude oil pressured markets and raised concerns that demand might weaken. Generally good planting weather and favorable growing conditions contributed to the declines. As for futures markets, cotton was slightly higher while feeder cattle, fed cattle, wheat, corn and lumber were lower. Most areas of the state recorded rainfall during the week with over 10 inches reported in a few locations. Topsoil moisture supplies remain mostly adequate to short, with very short conditions in parts of East Texas and surplus supplies in some areas. Winter wheat is now 86 percent headed, slightly behind normal, and 1 percent of the acreage has been harvested. Cotton planting progressed to 36 percent complete, equal to the average for this date, and 5 percent of the acreage is squaring. Corn planting was 95 percent complete and 7 percent of the acreage was silking. Planting was also active for grain sorghum, rice, peanuts, soybeans and other spring crops. Overall, crops and pastures were reported in mostly good to fair condition.

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Monday, May 10, 2010

Agriculture Market Recap for 5/10/10

For the week ending May 8, feeder cattle price trends at Texas auctions were again mixed, from $4 lower per hundredweight to $5 higher compared to a week ago. Calves weighing less than 600 pounds showed the most decline as many buyers have likely met their needs for summer grazing while tight supplies and higher fed cattle prices supported the market for heavier feeders. Cotton and grain prices were mostly lower on concerns that the debt crisis in Europe and a stronger dollar would weaken export demand. As for futures markets, fed cattle and wheat were higher, while feeder cattle, cotton, corn and lumber were lower. Many locations across the state recorded rainfall last week with amounts ranging from a trace to one inch. Topsoil moisture levels remain mostly adequate to short with surplus or very short conditions reported in some areas. Winter wheat is now 72 percent headed, slightly behind average, with the crop reported in mostly good to fair condition. Corn planting progressed to 85 percent complete, equal to the normal pace, but ahead of last year. Sixty-seven percent of the crop has emerged. Cotton planting was 27 percent complete and 2 percent of the acreage is squaring. Planting was also active and ahead of the normal pace for grain sorghum, peanuts, rice and other crops. Crops and pastures were reported in good to fair condition with most showing an overall condition rating much higher than at this time last year.

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Monday, May 3, 2010

Agriculture Market Recap for 5/3/2010

For the week ending May 1, feeder cattle price trends at Texas auctions were mixed, from $5 lower per hundredweight to as much as $7 higher compared to a week ago. Fed cattle prices were 65 cents lower per hundredweight. Cattle prices may be at or near their spring peak, but tight supplies, lower beef production and higher beef prices continue to support markets at well above year-ago levels. Cotton prices were higher as markets continue to adjust to India’s ban on exports. Unexpected export sales to China helped push corn and grain sorghum prices higher. As for futures markets, feeder cattle, fed cattle and corn were higher, cotton and lumber were lower and wheat was unchanged. Most areas of the state received rainfall during the week with amounts ranging from a trace to 1.5 inches. Topsoil moisture was rated mostly adequate to short though some surplus and some very short conditions were noted. Wheat progressed well with 58 percent of the acreage now headed, slightly behind normal. Corn planting is underway on the Northern High Plains with 75 percent of the crop now planted statewide, only slightly behind the average pace. Cotton planting progressed to 26 percent complete, slightly ahead of normal, with some producers on the Southern High Plains waiting for warmer weather. Pastures were reported in mostly good to fair condition.

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Monday, April 19, 2010

Agriculture Market Recap for 4/19/10

For the week ending April 17, feeder cattle price trends at Texas auctions were mixed with early-week sales mostly steady to $3 higher per hundredweight and sales later in the week steady to $4 lower. Fed cattle prices were steady to $2 lower. Cotton increased after China, the world’s largest cotton buyer, reported that its economy grew by nearly 12 percent during the first quarter of the year. Grain markets were higher on better-than-expected corn exports, a weaker dollar and higher crude oil prices. As for futures markets, cotton, wheat, corn and lumber were higher while feeder cattle and finished cattle were lower. Most of the state received rainfall during the week with amounts ranging from a trace to localized totals in excess of 10 inches. Topsoil moisture conditions varied from short to surplus. The wheat crop continues to progress with 20 percent of the acreage headed compared to an average 29 percent by this date. The crop is reported in mostly good to fair condition. Corn is 70 percent planted, ahead of the normal pace for the first time this season. Grain sorghum planting remains slightly behind average with 53 percent planted. Corn and grain sorghum were both rated in mostly good to fair condition. Cotton planting was 13 percent completed and planting preparations are underway on the Southern High Plains. Pastures are greening-up with most in good to fair condition.

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Monday, April 12, 2010

Agriculture Market Recap for 4/12/10

For the week ending April 10, feeder cattle prices at Texas auctions were mostly $1 to $5 higher per hundredweight with some sales to $10 higher. Higher fed cattle prices and continued good demand for cattle for summer grazing contributed to the increase. Cotton prices declined after reports indicated current inventories are likely sufficient to keep textile mills supplied through the summer. As for futures markets, feeder cattle, finished cattle, wheat, corn and lumber were higher while cotton was lower. Little to no rainfall was reported across the state last week, allowing spring planting to progress, but also expanding the areas reporting short topsoil moisture conditions. Corn planting was 48 percent and 35 percent of the acreage has emerged, both well behind the normal pace. Cotton was 9 percent planted, also behind normal. Grain sorghum planting was 48 percent complete and planting of rice, soybeans and other spring crops was also active, but behind the normal pace. Winter wheat was 6 percent headed with most of the acreage reported in good to fair condition. Pastures and livestock were in mostly fair to good condition.

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Monday, April 5, 2010

Agriculture Market Recap for 4/5/10

For the week ending April 3, feeder cattle prices at Texas auctions were mostly $1 to $5 higher per hundredweight with continued good demand for stocker cattle to put on summer grazing. Fed cattle prices were 55 cents lower. Grain prices were lower after USDA reported higher than expected stocks of corn in storage, confirmed large stocks of wheat and reported higher than expected planting intentions for spring wheat. The news more than offset lower than expected projections for corn and soybean planted acres. Cotton was higher after USDA confirmed expectations for a larger crop this year and a weaker dollar supported exports. As for futures markets, feeder cattle, fed cattle and cotton ended the week higher, while wheat, corn and lumber were lower. Some parts of Central and Northeast Texas reported up to one-half inch of rain for the week while most other locations had little or no rainfall. Topsoil moisture remained mostly adequate to surplus except for short to very short conditions in parts of the High Plains and West Texas. Wheat benefited from warmer temperatures on the Plains and was reported in mostly good to fair condition statewide with 5 percent of the acreage headed. Cotton planting was behind normal at 6 percent complete as field preparations continued in northern areas of the state. Corn was 40 percent planted with 24 percent of the acreage emerged, both well behind the average for this date. Planting of grain sorghum, rice, soybeans and other spring crops was also active. Pastures were reported in mostly good to fair condition statewide.

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