Agriculture Market Recap for the week ending April 16

Feeder cattle prices at Texas auctions were mostly $2 to $10 lower per hundredweight. Lower fed cattle prices and high feed grain costs contributed to the decline. The fed cattle cash market followed wholesale beef prices lower. Cotton prices fell after China announced it will reduce usage and some export sales were cancelled. Grain prices were lower as export sales and demand declined somewhat. As for futures markets, feeder cattle, fed cattle, cotton, wheat, corn and lumber were all lower. Parts of East Texas recorded up to one-half inch of rain during the week, with little or no precipitation elsewhere in the state. Topsoil moisture supplies remained short to very short with the U.S. Drought Monitor showing the entire state suffering from abnormally dry to exceptional drought conditions. Wildfire danger remains high with some large West Texas fires still not under control. The wheat crop was rated in mostly poor to very poor condition with 33 percent of the acreage headed, slightly ahead of normal. Planting of corn, grain sorghum and cotton progressed at a slower than normal pace as growers waited for more favorable soil moisture. Forty-eight percent of the corn acreage has emerged, but much of the crop has been stressed by the dry, windy conditions. Pastures were reported in fair to very poor condition and needed rain statewide.

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.