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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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.