Agriculture Market Recap for 9/27/10

For the week ending Sept. 25, feeder cattle prices at Texas auctions were mostly steady to $5 lower per hundredweight, with a few locations as much as $10 lower and a few to $2 higher. Tight overall supplies continue to support prices above a year ago, though higher grain prices and lower futures markets added to seasonal declines from a week earlier. Cash fed cattle prices were up slightly as higher beef values early in the week offset a report showing higher than expected feedlot inventories. Cotton prices were higher as tight global supplies, better than expected export sales and improved domestic mill usage continue to support the market. Concerns about corn yields and a weaker dollar helped push corn and grain sorghum prices higher. As for futures markets, cotton, corn and lumber were higher while feeder cattle, fed cattle and wheat were lower. Much of the state saw scattered showers during the week, with the heaviest rainfall totals in excess of three inches along the Gulf Coast, on the Low Plains and in the Cross Timbers region. Topsoil moisture was rated mostly adequate to short, with some very short areas in East Texas and surplus conditions along the Gulf Coast and in South Central Texas. Cotton harvest was behind normal at 14 percent complete, and bolls were opening on 58 percent of the acreage. Grain sorghum was 60 percent harvested and 79 percent of the crop was rated mature. Corn harvest progressed to 64 percent complete statewide and was nearing completion in the Blacklands region. Winter wheat seedings were 36 percent complete, slightly behind the average pace, and 9 percent of the acreage has emerged. Cotton, corn, grain sorghum and pastures were reported in mostly good to fair condition, while peanuts were rated 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 9/20/10

For the week ending Sept. 18, feeder cattle prices at Texas auctions were mixed, mostly $2 to $6 lower per hundredweight, with a few locations to $9 lower, a few to $4 higher and some steady. Increasing numbers of spring-born calves are coming to market, pulling prices seasonally lower, with higher grain prices adding to the decline. Fed cattle prices were modestly higher in spite of lower wholesale beef prices. Cotton prices were sharply higher because of continued tight supplies, possible export restrictions by India and much better than expected export sales. Ongoing concerns that actual corn yields are lower than the most recent USDA forecast pushed corn prices above $5 per bushel for the first time since September 2008. Other grains followed corn higher. As for futures markets, feeder cattle, fed cattle, cotton, wheat and corn were higher while lumber was lower. Rainfall during the week ranged from a trace to more than six inches with the heaviest amounts falling in the Coastal Bend and Lower Rio Grande Valley. The rains have been mostly beneficial, but have caused harvest delays in some areas. Topsoil moisture was reported to be mostly adequate to short with surplus conditions noted in parts of South Central Texas and along the Gulf Coast. Cotton harvest progressed to 14 percent complete, slightly behind normal, and bolls were opening on 53 percent of the acreage. Corn harvest was also behind normal at 57 percent complete, and 77 percent of the acreage was reported mature. Grain sorghum was 46 percent harvested and 66 percent mature. Winter wheat seedings were slightly ahead of normal at 25 percent complete. Cotton, grain sorghum, corn, rice and pastures were reported in mostly good to fair condition, while peanuts were rated 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 9/13/10

For the week ending Sept. 11, feeder cattle prices at Texas auctions were mostly steady to $5 lower per hundredweight, but remain well above where they were this time last year. Concerns about future feed grain prices added to seasonal declines. Fed cattle were higher in spite of lower wholesale beef prices. Cotton and corn cash prices were unchanged, but ended the week on a higher note after USDA raised export projections for both crops and reduced its corn production forecast. Wheat prices were higher for the week amid ongoing concerns about European production, but were lower on Friday after USDA reported ample global supplies. As for futures markets, wheat, corn and lumber were higher while feeder cattle, fed cattle and cotton were lower. Tropical Storm Hermine brought heavy rainfall to the region from Brownsville to Houston and over to the state border north of Dallas-Fort Worth. The heaviest amounts fell along the Interstate 35 corridor from San Antonio north to the border and into South-Central Texas. Topsoil moisture was adequate to surplus in the areas that received the heaviest rains and adequate to short elsewhere. Cotton harvest progressed at a slower-than-normal pace and was 10 percent complete. Bolls were opening on 41 percent of the acreage, well ahead of normal. The corn crop was 50 percent harvested, behind the normal 66 percent by this date, and 73 percent of the crop was rated mature. Grain sorghum harvest was 45 percent complete and rice harvest was nearing completion. Wheat seeding was 9 percent complete and some acreage has emerged. Peanuts were rated in mostly good to excellent condition, while cotton, corn, rice, grain sorghum, soybeans 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 9/7/10

For the week ending Sept. 4, feeder cattle price trends at Texas auctions were mixed, mostly $5 lower per hundredweight to $2 higher, with a few to $5 higher. Feeder prices normally decline during the late summer and fall as increasing numbers of recently weaned calves come to market. However, tighter supplies continue to hold prices well above where they were at this time last year. Fed cattle prices were lower after wholesale beef prices declined. Cotton prices hit a record 85.38 cents per pound as tight supplies of old crop cotton continue to push markets higher. Corn and grain sorghum increased on reports that corn yields may decline from last month’s USDA forecast. Strong export sales pushed wheat prices higher. As for futures markets, fed cattle, cotton, wheat and corn were higher while feeder cattle and lumber were lower. Much of the state recorded rainfall last week with amounts ranging from a trace to more than four inches in some locations. Topsoil moisture was rated mostly short to adequate with very dry conditions noted in parts of East Texas. Cotton harvest progressed to 9 percent complete, slightly behind the normal pace, and bolls were opening on 23 percent of the acreage. Grain sorghum and corn were both 44 percent harvested, well behind the average for this date. High aflatoxin levels remain a concern for many corn growers. The winter wheat crop was 3 percent seeded with land preparations active in most areas. Rice harvest was nearing completion and soybean harvest was active. Cotton, grain sorghum, soybeans and rice were reported to be in mostly good to fair condition; corn and peanuts were rated mostly good to excellent; and pastures were fair to good.

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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.