Agriculture Market Recap for 4/19/10

For the week ending April 17, feeder cattle price trends at Texas auctions were mixed with early-week sales mostly steady to $3 higher per hundredweight and sales later in the week steady to $4 lower. Fed cattle prices were steady to $2 lower. Cotton increased after China, the world’s largest cotton buyer, reported that its economy grew by nearly 12 percent during the first quarter of the year. Grain markets were higher on better-than-expected corn exports, a weaker dollar and higher crude oil prices. As for futures markets, cotton, wheat, corn and lumber were higher while feeder cattle and finished cattle were lower. Most of the state received rainfall during the week with amounts ranging from a trace to localized totals in excess of 10 inches. Topsoil moisture conditions varied from short to surplus. The wheat crop continues to progress with 20 percent of the acreage headed compared to an average 29 percent by this date. The crop is reported in mostly good to fair condition. Corn is 70 percent planted, ahead of the normal pace for the first time this season. Grain sorghum planting remains slightly behind average with 53 percent planted. Corn and grain sorghum were both rated in mostly good to fair condition. Cotton planting was 13 percent completed and planting preparations are underway on the Southern High Plains. Pastures are greening-up with most in good to fair condition.

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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 Web site, www.tdamarketnews.com.