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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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.

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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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.

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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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.

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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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.