Agriculture Market Recap for 3/28/11

For the week ending March 26, feeder cattle price trends at Texas auctions were very uneven with some locations as much as $5 lower per hundredweight than the previous week, and some as much as $5 higher. Fluctuating grain prices, lower fed cattle and tight supplies of feeders contributed to the unevenness. Cotton prices were higher for the week because of continued strong export sales and short supplies. Grain prices were also higher on strong exports and concerns about dry weather on the U.S. Central Plains and wet weather in the Midwest. As for futures markets, feeder cattle, fed cattle, cotton, wheat and corn were higher while lumber was unchanged. Little or no rainfall was recorded anywhere in the state during the week. Topsoil moisture supplies were mostly short to very short statewide and crops and pastures in most of the state need rain. The winter wheat crop was 2 percent headed and rated in mostly fair to very poor condition. Fifty-percent of the corn acreage was planted and 16 percent has emerged. Cotton was 8 percent planted, grain sorghum planting stood at 46 percent complete and 44 percent of the state’s rice acreage was planted. Planting progress is ahead of the normal pace for most crops, but additional moisture is needed for germination and growth. Pastures were rated in mostly fair to very poor condition.


Click chart to enlarge image:

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/.

Agriculture Market Recap for 3/21/11

For the week ending March 19, feeder cattle prices at Texas auctions were mostly steady to $7 lower per hundredweight, though early in the week a few locations were $2 to $8 higher. Lower fed cattle prices contributed to the decline, though tight supplies continue to support the market. Fed cattle prices were down by $4 as concerns that the crisis in Japan and turmoil in the Middle East and North Africa will erode demand. Cotton and grain prices declined early in the week, but later recovered at least some of those losses as markets refocused on the continued tight supplies and strong weekly export sales. As for futures markets, wheat, corn and lumber were higher, while feeder cattle, fed cattle and cotton were lower. Some locations in East Texas and on the Plains recorded up to 2 inches of rain, but little precipitation was recorded elsewhere in the state. Soil moisture remains mostly short to very short in West Texas, and mostly short to adequate in East Texas. The wheat crop continues to suffer from the dry conditions with the crop rated in mostly fair to very poor condition. Corn planting was 43 percent complete, ahead of last year and the five-year average. Grain sorghum was 39 percent planted also well ahead of normal. Four percent of the cotton acreage was planted and 16 percent of the rice crop was planted. Pastures in many areas remained dry and in mostly fair to poor condition statewide.

Click chart to enlarge image:



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 3/14/11

For the week ending March 12, feeder cattle prices at Texas auctions were mostly $1 to $9 higher per hundredweight. Tight supplies and higher fed cattle continue to support the market. Fed cattle prices were sharply higher as wholesale beef values continued to increase. Cotton and grain prices declined on Thursday in response to USDA’s supply and demand report then dropped even more on Friday amid concerns about the earthquake and tsunami that hit Japan. Japan is a major importer of U.S. agricultural commodities and is the No.1 overseas buyer of U.S. corn and pork. As for futures markets, feeder cattle and fed cattle were higher while cotton, wheat, corn and lumber were lower. Little precipitation was recorded anywhere in the state during the week with amounts generally less than a quarter-inch east of Interstate35 and in the Panhandle. Soil moisture conditions remain mostly short to very short in West Texas and mostly short to adequate in East Texas. The wheat crop continues to suffer from the dry conditions with the crop rated in mostly fair to very poor condition. Corn planting progressed to 28 percent complete, ahead of last year and the five-year average. The grain sorghum crop was 29 percent planted, also well ahead of normal. Pastures are greening up in many areas, but remained dry and in mostly fair to poor condition.

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 3/07/11

For the week ending March 5, feeder cattle prices at Texas auctions were mostly steady to $10 higher per hundredweight. Tight supplies and higher fed cattle continue to support the market. Fed cattle prices followed wholesale beef values higher. Cotton prices rose to new record highs after China and India lowered their production forecasts, and export sales remained strong in spite of those higher prices. Increasingly tight supplies and higher crude oil markets pushed grain prices higher. Continued dry conditions on the U.S. Plains added to the increase for wheat. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were higher for the week. Little precipitation was recorded anywhere in the state during the week with amounts generally less than a quarter-inch. A few isolated areas in East Texas reported up to an inch of rain. The wheat crop and pastures remain in mostly fair to very poor condition because of the dry weather. Spring planting is underway in many areas, but moisture is needed for crops to germinate. Corn was 14 percent planted, well ahead of 6 percent at this time last year and equal to the five-year average. Grain sorghum was 16 percent planted, compared to only 3 percent a year ago and 8 percent on average. Grass fires remained a problem with continued high fire risk due to the extremely dry conditions and high winds.

Click chart to enlarge image:
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.