Agriculture Market Recap for 2/28/11

For the week ending Feb. 26, feeder cattle auction prices were mostly steady to $7 higher per hundredweight though a few lower prices were noted later in the week. Tight supplies and higher fed cattle continue to support the market. Fed cattle prices followed wholesale beef values higher. Cotton and grain prices were mostly lower amid concerns that demand will decline if unrest in the Middle East continues and higher oil prices hinder an economic recovery. Markets recovered some of their losses on Friday following a strong export sales report. As for futures markets, fed cattle and corn were higher while feeder cattle, cotton, wheat and lumber were lower. Parts of East Texas reported up to two inches of rain during the week, but little or no precipitation was recorded elsewhere in the state. Soil moisture supplies were reported adequate to short in most of East Texas and mostly short to very short in West Texas. Warmer weather during the week boosted wheat growth, though much of the crop remains stressed by dry conditions and earlier freezes. Statewide, the crop was rated in mostly fair to very poor condition. Preparations for spring planting are underway in many areas with some corn and grain sorghum planted in South and Central Texas. Pastures were rated in mostly fair to poor condition and need moisture in many areas. The extremely dry conditions and very high winds contributed to wildfires in the Cross Timbers region and on the High Plains.

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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.

Agriculture Market Recap for 2/22/11

For the week ending Feb. 19, feeder cattle auction prices were steady to $10 higher per hundredweight with tight supplies, higher fed cattle markets and renewed demand following the winter storms earlier in the month. Fed cattle were up sharply as processors sought to line up supplies in anticipation of higher prices later in the spring. Cotton prices continued to rise because of the tight supplies and strong demand. New export sales to Mexico helped support corn prices. As for futures markets, feeder cattle, fed cattle, cotton and corn were higher while wheat and lumber were lower. Cotton futures surged to a fresh record high of $2.042 per pound on Thursday. Very little precipitation was recorded anywhere in the state during the week with only a few scattered showers, mostly in Central and South Texas, and amounts generally less than one-tenth of an inch. Topsoil moisture remains mostly short to very short in West Texas, and mostly short to adequate elsewhere. Winter wheat was reported in mostly fair to very poor condition and needs moisture in most areas. Field preparations for spring planting are underway statewide. Pastures were also reported in fair to very poor condition with supplemental livestock feed needed in many locations. Spring calving, lambing and kidding remained active.

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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.

Agriculture Market Recap for 2/14/11

For the week ending Feb. 12, feeder cattle auction prices were mostly steady with a few to $5 lower per hundredweight and some to $5 higher as another round of wintry weather reduced receipts at some locations and closed others. Fed cattle prices were near unchanged in spite of lower beef values. Cotton prices ended the week sharply higher as tight world supplies and strong export demand continue to support the market. Corn prices increased after USDA released projections for lower than expected ending stocks. As for futures markets, feeder cattle, cotton, wheat, corn and lumber were higher while fed cattle were lower. Cotton futures topped the all-time record high price ever reported for U.S. cotton of $1.89 per pound during the Civil War. Most of the state north and east of a line from Kingsville to Odessa recorded precipitation during the week with amounts generally less than one-half inch. The winter wheat crop was rated in mostly fair to very poor condition as dry soils and last week’s freezing temperatures continued to impact the crop. Field preparations are underway for spring planting, though moisture is needed in many areas. Pastures were reported in mostly fair to poor condition and livestock in many areas required supplemental feed. Spring calving, lambing and kidding remained active with newborns at risk from last week’s extremely cold temperatures.

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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.

Agriculture Market Recap for 2/07/11

For the week ending Feb. 5, feeder cattle auction price trends were mixed, mostly $3 lower to $3 higher per hundredweight with a few to $9 lower and receipts late in the week limited by wintry weather. Fed cattle prices were $2 higher. Cotton and grain prices were higher on continued strong global demand and tight supplies. Wheat had an added boost from concerns that extremely cold weather on the Plains would damage the crop. As for futures markets, fed cattle, cotton, wheat and corn were higher while feeder cattle and lumber were lower. Cotton futures reached a new all-time record $1.7622 high on Wednesday. Most of the state, except parts of the Trans-Pecos and South Texas, received precipitation during the week with amounts ranging from a trace to two inches in some locations. Much of the moisture fell late in the week as snow and freezing rain. Winter wheat was reported to be in mostly fair to very poor condition. Ice and freezing temperatures damaged wheat and vegetable crops in some areas, but the extent of the damage was not yet known. Pastures remain in mostly fair to poor condition, and livestock across the state required supplemental feed. Spring calving is underway in many areas and the very cold and wet conditions caused problems for some producers.

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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, http://www.tdamarketnews.com/.