TDA Market Recap August 10, 2009

AUSTIN – (Aug. 10, 2009) For the week ending Aug. 8, 2009, feeder cattle price trends at Texas auctions were mixed, from $4 lower per hundredweight to $4 higher compared to a week earlier. Fed cattle prices were $1 lower on a decline in beef prices and a growing backlog of available cattle in feedlots. Cotton prices were higher amid prospects for improved global demand. Grain prices ended the week lower due to a stronger dollar, lower crude oil prices and favorable growing weather in the Midwest. As for futures markets, cotton and lumber were higher, while feeder cattle, finished cattle, wheat and corn were lower. Central and South Texas received little or no rainfall again last week, while other areas of the state recorded up to three inches of rain. Cotton progressed well in areas that have received rain, but some hail damage was noted on the High Plains. Bolls are opening on 13 percent of the acreage with the crop reported in mostly fair to good condition. Corn is 48 percent harvested, well ahead of the normal 30 percent by this date. Grain sorghum harvest is also ahead of normal at 53 percent complete. Wheat field preparations are underway in many areas. Rice is in mostly fair to good condition with 28 percent of the acreage harvested. Pasture conditions are highly variable depending on rainfall received with ratings from very poor to good. Topsoil moisture was rated short to adequate in many areas, but was mostly very short in the Upper Coast, South-Central and South Texas regions.