Agriculture Market Recap for 1/24/11

For the week ending Jan. 22, feeder cattle auction prices were mostly $3 to $10 higher per hundredweight, with a few as much as $20 higher and some to $2 lower. Tight supplies and strong demand for available cattle continued to support the market. Fed cattle prices were lower. Strong exports, a weaker dollar and dry conditions on the Texas High Plains pushed cotton and grain prices higher. As for futures markets, feeder cattle, cotton, wheat, corn and lumber were higher while fed cattle were lower. Areas north of Amarillo and east of a line from Corpus Christi to Uvalde to Fort Worth recorded precipitation during the week with the heaviest amounts falling in parts of East Texas. Topsoil moisture was rated mostly adequate to short in the eastern half of the state, and mostly short to very short in West Texas. The winter wheat crop was rated in mostly fair to poor condition with 95 percent of the acreage emerged. On the Plains, dryland wheat continued to suffer from very dry conditions. Field preparations for spring planting are underway in many locations. Pastures were reported to be in mostly fair to poor condition, and in need of rain in many areas. Livestock required supplemental feed statewide as hay supplies and forage conditions continued to decline.

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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.