Agriculture Market Recap for the week ending August 27

Feeder cattle price trends at Texas auctions were again uneven, from $5 lower to $5 higher per hundredweight. High drought-related volumes at many auctions and the lack of grazing continue to pressure markets, though higher fed cattle, the likelihood for lower supplies this fall and higher beef prices remain supportive. Fed cattle prices were $1 lower following a decline in wholesale beef prices. Cotton prices were lower for the week as prospects for a smaller, drought-reduced U.S. crop were more than offset by weak exports. Corn prices were higher on prospects that production may be lower than current forecasts. Wheat prices were higher following reports of lower than expected spring wheat yields. As for futures markets, wheat, corn and lumber were higher, while fed cattle were unchanged and feeder cattle and cotton were lower. Scattered showers fell over much of the state with rainfall totals in excess of one inch along parts of the Gulf Coast and East Texas. Topsoil moisture was rated in short to very short supply across the state and most crops were reported in fair to very poor condition with ratings well below where they were at this time last year. Corn acreage was 65 percent mature and 52 percent of the crop has been harvested, both ahead of normal for this date. Grain sorghum was 56 percent harvested, ahead of the average pace. Cotton bolls were opening on 27 percent of the acreage and 13 percent of the crop has been harvested, both higher than the average. Ninety-eight percent of the state’s pastures were reported in very poor to poor condition as supplemental feeding and reductions of livestock herds continue.




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.