TDA Market Recap August 24, 2009

AUSTIN – (Aug. 24, 2009) For the week ending Aug. 22, 2009, feeder cattle price trends at Texas auctions were mostly steady to 5.00 higher with a few drought areas being steady to 3.00 lower, fed cattle traded 1.50 higher then last week. Corn ended the week lower on good growing weather in the Midwest and a mid-week decline in crude oil. Wheat markets continue to be pressured by large global supplies and weak exports. Cotton prices were also lower. As for futures markets, fed cattle and corn were higher while feeder cattle, cotton, wheat and lumber were lower. Topsoil moisture was mostly short to adequate across the state. The Texas plains received 6 inches of rain this week while the Tran-Pecos and upper coastal regions received 3 inches and the Southern areas of the state received only traces to 2 inches. Producers in the Northern parts of the state are preparing to plant wheat and oats. In the plains area cotton was blooming and setting bolls. Sorghum in the Southern plains is suffering due to the excessive heat and dry conditions. In the Texas Blacklands corn harvesting is active while grain sorghum and soybeans are near harvested. For the state corn is 97% dough, and 81% dented with a majority of the crops in good condition. Sorghum is 60% harvested, and Texas peanuts are 99% pegging. Recent rainfall has increased pasture conditions in the northern and central parts of the state.