Agriculture Market Recap for 12/6/10

For the week ending Dec. 4, feeder cattle prices at Texas auctions were mostly $2 to $6 higher per hundredweight, though comparisons were not available for many locations because of the previous week’s holiday closings. The best demand and highest prices were noted on yearlings and long-weaned offerings. Fed cattle prices were $2 higher. Cotton prices were higher because of strong export sales and a ban by India on cotton yarn exports. Grain prices were higher on a weaker dollar and good export sales, especially for wheat. As for futures markets, fed cattle, cotton, wheat and corn were higher while feeder cattle and lumber were lower. Most of East Texas recorded rainfall during the week with amounts ranging from a trace to an inch or more. The rest of the state reported little or no precipitation. Topsoil moisture was rated in mostly short to adequate supply. Cotton harvest progressed to 90 percent complete, ahead of the normal 83 percent by this date. Corn harvest was completed and grain sorghum was 98 percent harvested. The winter wheat crop was 98 percent planted and 88 percent of the acreage has emerged. The crop was rated in mostly fair to good condition. Dry conditions stressed the crop, especially in the Cross Timbers, Blacklands and South Texas regions. Pastures were in mostly fair to poor condition.

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* Cash grain prices are for Tuesday prior to the Thanksgiving holiday.

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.