Agricultural Market Summary March 27, 2012

For the week ending Mar. 24, feeder cattle prices at Texas auctions covered by USDA Market News were mixed, from $5 lower per hundredweight (cwt) to $3 higher, depending on location and the type, age, weight and quality of offerings. Texas feeder cattle sales direct to feedlots were weak to $5 lower in relatively light trade. Oklahoma City was steady to $2 lower on feeder cattle and steady to $3 higher on calves. Fed cattle cash prices were down by less than 50 cents per cwt from the previous week following continued declines in beef values. Cotton cash prices were higher on increased end-user purchases, an encouraging export report and uncertainty about 2012 acreage. Wheat prices declined following beneficial rains on the U.S. plains and word that Russia will not limit exports. Corn and grain sorghum prices were lower following the previous week’s modest export report, lower Chinese prices and increasing prospects for a larger 2012 U.S. corn crop. As for futures markets, cotton was higher, but feeder cattle, fed cattle, wheat, corn and lumber were lower. Most of the state recorded rainfall during the week with the heaviest amounts falling from South-Central Texas through North Texas and along the Louisiana border. Winter wheat improved to mostly good to fair condition as rainfall and warmer temperatures helped boost the crop. Three percent of the acreage was headed. Cotton, corn and grain sorghum land preparations and planting continued. Corn was 42 percent planted, compared to 46 percent on average for this date, and 16 percent was emerged. Grain sorghum was 31 percent planted, compared to 36 percent on average. Cotton planting was 9 percent complete, ahead of the normal 5 percent. Pastures have benefitted from recent rains and warmer temperatures, but many still need additional moisture. Weeds are also a problem in many areas and producers remain cautious about overgrazing recovering pastures. Overall, pastures statewide were rated in mostly good to fair condition.

All cash prices above are market averages for locations covered by the USDA 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 at the Oklahoma City National Stockyards. Futures prices are quoted for the nearest month contract on the last trading day of the week. For additional information, contact TDA at (800) 835-5832 or visit our website, www.TexasAgriculture.gov.