TDA Market Recap August 17, 2009

AUSTIN – (Aug. 17, 2009) For the week ending Aug. 15, 2009, feeder cattle price trends at Texas auctions were mostly steady to $4 higher compared to a week earlier. However, auctions in the drought area were mostly steady to $4 lower with increasing numbers of light-weight feeders coming to sale. Fed cattle were $1 higher following a slight increase in wholesale beef prices. Cotton prices ended the week slightly lower. Corn and grain sorghum prices declined on prospects for large crops in the Midwest and wheat prices remain under pressure from large global supplies. As for futures markets, fed cattle were higher while feeder cattle, cotton, wheat, corn and lumber were lower. Parts of the Plains, Trans-Pecos and Upper Coast regions recorded as much as three to six inches of rain while a trace to two inches fell in other locations. Topsoil moisture remains in mostly very short to adequate supply statewide. Field preparations for fall wheat seedings are underway in many areas. Cotton was setting bolls on the Plains and bolls were opening in South Texas. The crop was in mostly good to fair condition, but needing heat units on the Northern High Plains. Corn harvest is 53 percent complete and grain sorghum is 58 percent harvested, both ahead of the normal pace. Peanuts are pegging on 98 percent of the acreage with the crop in mostly good condition. Pasture conditions are widely variable, from very poor to good depending on rainfall received.