Agriculture Market Recap for 5/10/10

For the week ending May 8, feeder cattle price trends at Texas auctions were again mixed, from $4 lower per hundredweight to $5 higher compared to a week ago. Calves weighing less than 600 pounds showed the most decline as many buyers have likely met their needs for summer grazing while tight supplies and higher fed cattle prices supported the market for heavier feeders. Cotton and grain prices were mostly lower on concerns that the debt crisis in Europe and a stronger dollar would weaken export demand. As for futures markets, fed cattle and wheat were higher, while feeder cattle, cotton, corn and lumber were lower. Many locations across the state recorded rainfall last week with amounts ranging from a trace to one inch. Topsoil moisture levels remain mostly adequate to short with surplus or very short conditions reported in some areas. Winter wheat is now 72 percent headed, slightly behind average, with the crop reported in mostly good to fair condition. Corn planting progressed to 85 percent complete, equal to the normal pace, but ahead of last year. Sixty-seven percent of the crop has emerged. Cotton planting was 27 percent complete and 2 percent of the acreage is squaring. Planting was also active and ahead of the normal pace for grain sorghum, peanuts, rice and other crops. Crops and pastures were reported in good to fair condition with most showing an overall condition rating much higher than at this time last year.

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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.