TDA Market Recap May 26, 2009

AUSTIN - (May 26, 2009) For the week ending May 23, 2009, feeder cattle price trends at Texas auctions were mixed, with about as many locations steady to $5 higher per hundredweight as those steady to $4 lower. Fed cattle prices were near unchanged from a week ago. Cotton prices declined for the week after China announced it would sell about 7 million bales of cotton from its stocks in storage to ease domestic supplies. Grains were higher because of concerns about planting progress in the Midwest, a weaker dollar and higher crude oil prices. As for futures markets, feeder cattle, finished cattle, cotton, wheat and corn ended the week higher, while lumber was lower. Rain showers fell over much of the state during the week, bringing as much as three inches of rain to some locations. Wheat continues to mature rapidly, with 94 percent of the acreage headed and 4 percent harvested. Cotton planting is underway on the High Plains and 54 percent of the crop is planted statewide. Corn planting is nearing completion and grain sorghum is 74 percent planted. Pastures continue to improve with the recent rains and are now reported to be in mostly fair to good condition.