TDA Market Recap June 8, 2009

AUSTIN – (June 8, 2009) For the week ending June 6, 2009, feeder cattle prices at Texas auctions were mostly steady to $6 lower per hundred-weight. A few locations were $2 higher on offerings weighing less than 500 pounds. Fed cattle prices were lower as beef values continued to drop. Cotton and wheat prices declined because of weak global demand and a stronger U.S. dollar. Corn prices were supported by higher crude oil and ongoing concerns about weather in the Midwest Corn Belt. As for futures markets, feeder cattle, finished cattle, cotton and wheat were lower, while corn and lumber were higher. Some locations in Central and North Texas reported up to three inches of rain during the week, but only scattered showers fell in most areas. Wheat harvest continued on the Plains and is now 27 percent complete statewide. Cotton planting was reported to be 86 percent complete with the emerged crop in mostly fair to good condition. Hay baling was active across the state. Pastures continued to improve in areas receiving rainfall and were reported to be in mostly fair to good condition.