Agricultural Market Summary Apr. 3, 2012

Feeder cattle price trends at Texas auctions covered by USDA Market News were mostly steady to $3 lower per hundredweight (cwt), though some early-week sales were steady to $3 higher. Texas feeder cattle sales direct to feedlots were steady to $3 lower with limited numbers for immediate delivery. Oklahoma City was steady to $3 higher on feeder cattle and $4 to $10 higher on calves. Fed cattle cash prices were $1 lower per cwt from the previous week following continued declines in beef values. Cotton cash prices were higher due to ongoing concerns about India’s exports, lower forecast plantings in China and an encouraging export report. Wheat prices were higher on the dry weather in Europe, lower than expected stocks on hand and prospects for lower spring wheat acreage. Corn and grain sorghum prices declined following the lowest weekly export sales since June 2010 and expectations for higher planted acres. Markets recovered somewhat later in the week after USDA reported lower than expected corn stocks. As for futures markets, cotton, wheat and lumber were higher, but feeder cattle, fed cattle and corn were lower. Most of the state south of a line from Alpine to Texarkana recorded rainfall during the week with the heaviest amounts falling in South Texas, along the coast and in East-Central Texas. Winter wheat remained in mostly good to fair condition, though some acreage on the High Plains needs additional moisture. The crop is maturing early in some areas. Cotton, corn, grain sorghum and rice land preparations and planting continued. Corn was 48 percent planted, compared to 50 percent on average for this date, and 30 percent was emerged. Grain sorghum was 40 percent planted, compared to 43 percent on average. Cotton planting was 12 percent complete, ahead of the normal 7 percent. Pastures have benefitted from recent rains and warmer temperatures, but many still need additional moisture, especially in the Panhandle and West Texas. 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, http://www.texasagriculture.gov/.