Agriculture Market Recap for 3/8/10

For the week ending March 6, feeder cattle prices at Texas auctions were mostly $2 to $5 higher per hundredweight with a few sales to $10 higher and some steady to $2 lower. Wet pastures and muddy roads continued to hamper livestock movement and limited supplies at local sale barns. Fed cattle prices were up slightly. Cotton prices increased to new record highs in response to tighter-than-expected global supplies and strong demand. Weak export sales caused grain prices to decline, though concerns about potential planting delays in the Midwest did provide some support. As for futures markets, feeder cattle and fed cattle were higher; cotton, wheat and corn were lower; and lumber was unchanged. Rainfall during the week ranged from little to none in South Texas to as much as an inch elsewhere. Topsoil moisture was reported in mostly adequate to surplus supply with short conditions lingering in parts of the Panhandle and West Texas. Winter wheat was rated in mostly fair to good condition with the crop on the High Plains benefiting from recent rains. Corn planting has been delayed by wet fields and is now 3 percent complete, well behind the normal 17 percent by this date. Wet conditions have also delayed grain sorghum planting and preparations for cotton planting. Pastures were reported in mostly fair to good condition.

Click chart to enlarge:

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 Web site, www.tdamarketnews.com.