Agriculture Market Recap for 3/1/10

For the week ending Feb. 27, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight, with some locations to $10 higher and a few steady to $1 lower. Fed cattle markets were steady. Cotton prices jumped to a record high $73.25 cents per pound after China reported its 2009 production was less than previously estimated, further tightening global supplies. Grain prices were also higher amid concerns that wet spring weather would delay planting. As for futures markets, cotton, wheat and corn were higher, while feeder cattle, fed cattle and lumber were lower. Parts of Central and East Texas recorded up to 1.5 inches of rain for the week while other areas received little or no precipitation. Topsoil moisture supplies were rated mostly adequate to surplus. Winter wheat has responded well to the rainfall, though many areas are too wet for fertilizer applications. The crop is rated in mostly good to fair condition. Wet fields again delayed corn and grain sorghum planting in the Coastal Bend, Upper Coast and Blacklands regions. Pastures were reported to be in poor to good condition. The wet, cool weather has slowed pasture growth and supplemental feeds are still required in many areas.

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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 Web site, www.tdamarketnews.com.