Agriculture Market Recap for 10/4/10

For the week ending Oct. 2, feeder cattle prices at Texas auctions were mixed, with most early week auctions steady to $5 lower per hundredweight and sales later in the week mostly steady to $4 higher. Seasonally higher calf numbers continued to pressure markets while lower feed grain prices allowed buyers some room to increase bids. Fed cattle prices were lower following a decline in wholesale beef prices. Cotton prices were higher on news of a smaller Chinese crop and strong export sales. Corn prices were lower after USDA reported more in storage than expected, easing concerns about supplies this fall. Wheat prices were lower because of weak export sales and beneficial rains in Russia. As for futures markets, feeder cattle were higher while fed cattle, cotton, wheat, corn and lumber were lower. Most of the state recorded little or no rainfall during the week with an inch or less reported in South Texas from Brownsville to Del Rio and on parts of the High Plains. Topsoil moisture remains mostly adequate to short with the driest conditions reported in East Texas and surplus moisture noted in parts of South Texas and the Upper Coast. Cotton, corn and grain sorghum harvests remain behind their normal pace. Cotton harvest progressed to 16 percent complete statewide and is just getting under way on the Southern High Plains. Bolls were opening on 80 percent of the acreage. Corn harvest was 68 percent complete and 92 percent of the acreage was mature. Grain sorghum was 61 percent harvested. Winter wheat seedings were ahead of normal at 54 percent complete. Cotton, corn, grain sorghum and soybeans were reported in mostly good to fair conditions while peanuts were reported 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.