Agriculture Market Recap for 8/30/10

For the week ending Aug. 28, feeder cattle prices at Texas auctions were mostly steady to $3 higher, with a few as much as $8 higher. However, some sales later in the week were $1 to $4 lower. Tight supplies and good demand continue to support markets, though the hot, dry weather and somewhat volatile grain prices have limited gains. Fed cattle were near unchanged and wholesale beef prices ended the week modestly lower. Cotton prices were higher amid ongoing concerns about flooding in Pakistan. Wheat prices declined as ample global supplies are expected to make up for reduced production in Russia. Corn and grain sorghum ended the week unchanged with expectations for a large U.S. crop offsetting indications that yields may come in lower than current USDA forecasts. As for futures markets, feeder cattle and cotton were higher, while fed cattle, wheat, corn and lumber were lower. Much of the state recorded little or no rainfall during the week, though locally heavy amounts in excess of two inches were reported in parts of West Texas and the High Plains. Topsoil moisture was rated in mostly short to adequate supply. Cotton harvest progressed to 6 percent complete and bolls were opening on 15 percent of the acreage, both well behind the normal pace. Corn harvest was 37 percent complete and 57 percent of the crop was mature. Grain sorghum was 42 percent harvested and rice harvest was 78 percent complete. Preparations for winter wheat seedings are underway with some of the crop planted on the Northern High Plains. Corn and peanuts were reported in mostly good to excellent condition, while cotton, grain sorghum, rice, soybeans and pastures were reported 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 8/23/10

For the week ending August 21, feeder cattle price trends at Texas auctions were mixed, with some locations steady to $6 lower and others steady to $4 higher. The hot, dry weather continues to limit demand, though tight feeder cattle supplies, higher fed cattle markets and lower grain prices helped push some locations higher. Fed cattle were sharply higher following recent increases in wholesale beef prices. Cotton prices declined due to good growing weather in many areas and prospects for a good U.S. crop. Wheat prices were lower because of the ample global supplies. Corn and grain sorghum were higher after a Midwest crop tour reported that yields might be lower than current forecasts. As for futures markets, feeder cattle, fed cattle, corn and lumber were higher while cotton and wheat were lower. Most areas of the state recorded hot temperatures and little or no rainfall although as much as two inches of rain fell in isolated locations on the High Plains, Southern Plains and in Southeast Texas. Topsoil moisture remains in mostly short to adequate supply with additional areas reporting very short conditions. Cotton harvest is underway with five percent of the acreage harvested, slightly behind normal. Bolls are opening on 14 percent of the crop and bolls are setting on 91 percent. Corn harvest progressed to 36 percent complete and 56 percent of the crop is mature, both behind the normal pace. Grain sorghum harvest was 41 percent complete and rice was 58 percent harvested. Corn and peanuts were reported in good to excellent condition while cotton, rice, grain sorghum, soybeans and pastures were mostly good to fair. Conditions indexes for these crops are higher than they were 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 8/16/10

For the week ending August 14, feeder cattle prices at Texas auctions were mostly steady to $5 lower per hundredweight, with a few sales to $4 higher and some to $6 lower. Hot weather and volatile grain prices added to the seasonal declines, while tight supplies continue to hold prices well above last year's levels. Fed cattle prices were $2 higher following increases in wholesale beef prices. Cotton ended the week higher on a continued tight supply of stocks ready for export; hot weather over much of the Cotton Belt; and flooding in Pakistan. Corn and wheat prices declined as strong U.S. production and ample global supplies are expected to more than make up for lower European grain production. As for futures markets, fed cattle, cotton, wheat, corn and lumber were higher, while feeder cattle were lower. Hot, dry conditions prevailed across the state last week. Most areas recorded little or no rainfall, though some isolated locations on the High Plains and along the coast received two inches or more. Topsoil moisture was rated mostly short to adequate, with some surplus conditions remaining in the Lower Valley and very short moisture in parts of East Texas, the Blacklands and Edwards Plateau. Cotton was setting bolls well ahead of average on 87 percent of the acreage, while bolls were opening on 13 percent. Grain sorghum development was behind normal with 52 percent of the crop mature and 36 percent harvested. Crop losses were reported in some areas after late rains caused grain sorghum heads to sprout. Corn was rated 55 percent mature and 31 percent harvested, both behind the average pace. Rice was 34 percent harvested. Cotton, grain sorghum, corn, rice, and pastures were reported in mostly good to fair condition, while peanuts were mostly 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 8/9/10

For the week ending August 7, feeder cattle price trends at Texas auctions were uneven, from $5 lower per hundredweight to $5 higher. Higher grain prices and steady fed cattle prices pressured the feeder market. Fed cattle prices were near unchanged with wholesale beef prices lower. Cotton ended the week higher on a continued tight supply of certified stocks ready for export and hot weather over much of the Cotton Belt. Wheat prices rose because of the drought in Europe and an announcement that Russia will ban grain exports April 15 though the end of the year. That should boost demand for U.S. wheat and help sustain the market’s recovery from very low prices earlier in the summer. Corn and grain sorghum followed wheat higher. As for futures markets, fed cattle, cotton, wheat and corn were higher, while feeder cattle and lumber were lower. Some of the hottest temperatures of the season and widely scattered showers dominated weather during the week. Soil moisture was reported in adequate to short supply in most areas, though flooding remains a problem in parts of the Lower Valley. Cotton was reported in mostly good to excellent condition and was setting bolls on 78 percent of the acreage, with bolls opening on 12 percent. Corn harvest progressed to 13 percent complete and grain sorghum was 32 percent harvested. Rice was 87 percent headed and 12 percent of the crop has been harvested. Corn and peanuts were rated in mostly good condition while rice, cotton, sorghum and pastures were rated mostly good to fair.

Click chart for larger image:
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 8/2/10

For the week ending July 31, feeder cattle price trends at Texas auctions were uneven, from $4 lower per hundredweight to $5 higher, with a few locations as much as $8 higher. Feeder cattle supplies remain tight, but lower fed cattle prices and higher grain markets pulled some locations lower. Fed cattle were $2 lower following a drop in wholesale beef prices. Cotton prices ended the week higher on a tight supply of certified stocks ready for export; hot weather over much of the Cotton Belt; and dry conditions in the Mississippi Delta. Wheat prices rose on stronger-than-expected export sales and thoughts that a short crop in Europe and Canada will boost demand for U.S. wheat. Corn and grain sorghum followed wheat higher. As for futures markets, cotton, wheat and corn were higher, while feeder cattle, fed cattle and lumber were lower. Areas east of Interstate 35 and the Cross Timbers region recorded rainfall ranging from a trace to more than three inches with most other locations reporting lesser amounts. Topsoil moisture was rated mostly adequate to short, except for some surplus conditions mostly in coastal regions. Cotton was squaring on 95 percent of the acreage, well ahead of normal, with bolls opening on 7 percent. The crop was rated mostly good to excellent, though some rain and flood damage was reported in the Lower Valley. Corn has benefited from recent rains on the High Plains, but harvest delays were noted in South Central Texas and the Blacklands region. The crop was reported 38 percent mature and 3 percent harvested, both well behind normal. Rains also delayed grain sorghum and rice harvests along the Upper Coast. Most crops and pastures were reported in good to fair condition 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.