Agriculture Market Recap for 6/7/10

For the week ending June 5, feeder cattle prices at Texas auctions were mostly steady to $3 higher per hundredweight with a few locations to $6 higher and some to $5 lower. Demand remains good for a tighter supply of high quality feeders, especially in areas that have received adequate rainfall and expect good summer grazing. The fed cattle market was higher in spite of lower beef prices. Cotton and grain prices were lower to sharply lower as good growing conditions, a stronger dollar, lower crude oil prices and concerns about future demand pressured markets. As for futures markets, feeder cattle, fed cattle and lumber were slightly higher, while cotton, wheat and corn were lower. Many areas of the state reported rainfall during the week with amounts ranging from a trace to more than five inches. Topsoil moisture was rated mostly adequate to short with the driest conditions reported in parts of East Texas. The state’s wheat crop continues to mature with almost all the acreage now headed and 17 percent harvested, behind the normal 24 percent. Cotton planting was 88 percent complete, ahead of the 84 percent average, and 9 percent of the acreage was squaring. Corn planting neared completion and 37 percent of the acreage was silking. Planting of grain sorghum, peanuts, soybeans and sunflowers was also active. Most crops and pastures were reported in 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.