TDA Market Recap February 17, 2009

AUSTIN - (Feb. 17, 2009) For the week ending Feb. 14, 2009, feeder cattle prices at Texas auctions were mostly steady to $6 higher per hundredweight, with a few locations lower on calves weighing less than 500 pounds. Fed cattle prices were unchanged from a week ago. Cotton and grain prices fell after USDA reported that projected ending stocks of cotton and rice may be much higher than earlier estimated. Weak export sales and a continued strong dollar contributed to the decline. As for futures markets, feeder cattle and finished cattle ended the week higher, cotton was sharply lower and wheat, corn and lumber were lower. Eastern areas of the state received moderate to heavy rainfall during the week and parts of South East Texas recorded up to five inches. However, most areas remain dry with soil moisture in very short to short supply. Wheat was reported to be in mostly very poor to poor condition. The crop responded well in areas that received rain, but is struggling elsewhere. Preparations for spring planting remained active statewide. Pastures across the state are very dry and in need of rain.