TDA Market Recap March 16, 2009

AUSTIN - (March. 16, 2009) For the week ending March 14, 2009, feeder cattle prices at Texas auctions were down less than 50 cents per hundredweight from a week ago. Higher prices on Monday and Friday nearly offset mid-week declines. Cotton prices were unchanged for the week amid lingering concerns about demand. Grain prices were pushed higher by gains on the stock markets, with corn getting an added boost from early projections for fewer planted acres in 2009. As for futures markets, feeder cattle, finished cattle, cotton, wheat and corn were higher, while lumber was lower. Most of the state received beneficial rain last week with a few locations recording as much as 6 inches. The rains provided temporary relief to some of the driest areas of Texas, but topsoil moisture remains in very short to adequate supply. Field preparations and spring planting remained active, though growers in some locations will need to let fields dry out before resuming fieldwork. Pastures showed some improvement, especially in East and Central Texas, but most are still in very poor to poor condition.