TDA Market Recap April 6, 2009

AUSTIN - (April 6, 2009) For the week ending April 4, 2009, feeder cattle prices at Texas auctions were mostly steady to $5 per hundredweight higher, with some locations steady to $4 lower. Fed cattle prices were almost $2 higher. Cotton and grain prices were higher on good export sales and concerns that cold weather on the Plains may have damaged the winter wheat crop. Higher stock markets and crude oil prices also boosted markets. Timber prices were sharply lower during the first two months of the year as the recession reduced demand for building supplies and paper. As for futures markets, feeder cattle, fed cattle, cotton, corn, wheat and timber were higher. West and South Texas received little or no rain during the week while other locations recorded up to 3 inches. A freeze on the Plains stressed the winter wheat crop, which remains in mostly very poor to fair condition statewide. Corn planting is 57 percent complete and 42 percent of the acreage has emerged. Cotton planting is also underway with 6 percent of the crop planted. Pastures remain dry, though recent rains have improved conditions somewhat.