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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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.