TDA Market Recap September 14, 2009

AUSTIN – (Sept. 14, 2009) For the week ending Sept. 12, 2009, feeder cattle prices at Texas auctions were mostly $1 to $3 per hundredweight lower compared to a week ago. Fed cattle prices were modestly higher. Seasonally higher feeder supplies, feedlot losses and stagnant beef prices continue to pressure cattle markets. Cotton prices were higher on prospects for improved global demand, especially in China. Ample world supplies and weak export demand continue to pressure wheat markets, while recent increases in crude oil helped support corn prices. As for futures markets, feeder cattle, finished cattle, cotton and corn ended the week higher, but wheat and lumber were lower. Scattered rains fell statewide with some Central Texas locations recording up to 10 inches of rain. Topsoil moisture supplies improved somewhat, but remain mostly short to adequate in many areas. Cotton harvest continued in southern areas, while on the Plains the crop continues to mature. Bolls are opening on 30 percent of the acreage and 13 percent of the crop is harvested. Corn harvest progressed to 68 percent complete and grain sorghum is 64 percent harvested. Land preparations and winter wheat seedings progressed with 16 percent of the crop now planted. The state’s rice crop is 90 percent harvested, slightly behind the normal pace. Pastures improved where rains fell, but remain in mostly very poor to fair condition in most locations.