Agriculture Market Recap for 7/26/10

For the week ending July 24, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight, though a few locations were as much as $5 lower. Tight supplies of feeder cattle, lower grain prices and fed cattle prices that were up $1 for the week all contributed to the increase. Steady to higher wholesale beef prices helped push fed cattle markets higher. Cotton prices were higher on good export sales and prospects for increased Chinese purchases. Wheat prices increased as hot, dry weather in Europe threatened to reduce global supplies and thus increase demand for U.S. wheat. Corn was lower as favorable growing conditions boosted prospects for a large crop this year. As for futures markets, feeder cattle, fed cattle, cotton, wheat and lumber were higher, while corn was lower. Parts of the High Plains, South Texas and the Gulf Coast had up to eight inches of rain during the week, while little to no precipitation was reported elsewhere in the state. Soil moisture was rated mostly adequate to short. Some very short conditions were noted in East Texas and the Trans-Pecos, and surplus moisture impacted parts of South Texas and the Gulf Coast. Wheat harvest has been completed in most areas and field preparations for this year’s plantings are underway in some locations. Cotton is squaring on 92 percent of the acreage, ahead of the normal pace, and bolls are opening on 6 percent. Corn was in the dough stage on 57 percent of the acreage and 30 percent of the crop is mature, both behind average. Grain sorghum is 16 percent harvested, also behind the average. Cotton, corn, peanuts and rice were rated in mostly good to excellent condition, while grain sorghum and pastures were mostly good to fair.

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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 7/19/10

For the week ending July 17, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight, with a few locations as much as $9 higher. A shrinking supply of feeders and fed cattle prices that averaged $1.65 per hundredweight higher than a week ago supported the market. Cotton prices were higher for the week on good export sales and expectations for more purchases by China. Wheat prices increased amid concerns that hot dry weather in Europe would reduce world production and thus increase demand for U.S. wheat. Corn and grain sorghum followed wheat higher with additional support from a weaker dollar and higher crude oil prices. As for futures markets, fed cattle, cotton, wheat and corn were higher, while fed cattle and lumber were slightly lower. Parts of Southeast Texas, the High Plains and the Trans-Pecos recorded as much as four inches of rain during the week, while other areas saw little to no precipitation. Topsoil moisture was rated mostly adequate, with short supplies noted in East, Central and West Texas. Wheat harvest neared completion. Cotton progressed well with 81 percent of the acreage setting bolls, well ahead of normal. The crop was rated in mostly good to excellent condition, though cotton on the northern High Plains needs warmer temperatures to boost development. Corn was silking on 83 percent of the acreage, and 26 percent of the crop is mature. Grain sorghum was 35 percent mature and harvest was 9 percent complete, both behind the normal pace. Corn, grain sorghum and pastures were reported in good to fair condition. Cotton, peanuts and rice were rated 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 7/13/10

For the week ending July 10, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight with a few locations as much as $9 higher. Fed cattle prices were $1 to $1.50 higher per hundredweight in spite of lower wholesale beef prices. Cotton prices declined after beneficial rains from Hurricane Alex boosted crop prospects, which were confirmed in the USDA supply and demand report on Friday. Grain prices were higher for the week, but declined on Friday after USDA released higher than expected production and stocks projections. Wheat prices were supported by concerns that hot, dry weather in Europe could reduce global production. Higher crude oil prices and a weaker dollar supported corn and grain sorghum markets. As for futures markets, feeder cattle, fed cattle, cotton, wheat and corn were higher, while lumber was lower. Most of the state recorded rainfall during the week with the heaviest amounts along the coast and on the Plains. Topsoil moisture was rated mostly adequate to surplus statewide, though some short moisture supplies were also noted, especially in the Blacklands and parts of Northeast Texas. Wheat harvest was 91 percent complete, though rains caused delays in some areas. On the High Plains, cotton development was slowed by cooler than normal temperatures. Statewide, 75 percent of the acreage is squaring and 14 percent is setting bolls, both ahead of normal. Grain sorghum planting neared completion and 3 percent of the crop has been harvested, well behind average. For corn, 74 percent of the acreage is silking, slightly ahead of normal, and 19 percent of the acreage is mature. Crops and pastures were reported in mostly 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 website, www.tdamarketnews.com.

Agriculture Market Recap for 7/6/10

For the week ending July 3, feeder cattle prices at Texas auctions were mostly steady to $4 higher per hundredweight with a few as much as $10 higher. Auction receipts were down for the week as most late-week sales were closed for the Independence Day holiday weekend. Fed cattle prices were unchanged for the week and wholesale beef prices were slightly higher. Cotton prices declined on favorable growing conditions and prospects for a larger U.S. crop. Corn and grain sorghum prices were higher for the week after USDA reported fewer planted acres and lower stocks in storage than expected. As for futures markets, wheat, corn and lumber were higher, while feeder cattle, fed cattle and cotton were lower. Most of the state received rainfall during the week with parts of South Texas, the Coastal Bend and the Upper Coast recording 10 to 15 inches of rain from Hurricane Alex. Topsoil moisture supplies were rated mostly adequate to short, with surplus conditions noted in areas that received drenching rains from Alex. Wheat harvest progressed to 78 percent complete statewide, well behind the normal 88 percent, but nearing completion in some areas. Cotton planting has been completed with 56 percent of the acreage squaring and 11 percent setting bolls. Grain sorghum planting is nearing completion and 56 percent of the acreage is headed. Harvest has begun in a few areas. The state’s corn crop is silking on 55 percent of the acreage and 6 percent was mature. Crop and pasture conditions were rated mostly good to fair statewide.

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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.