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.