TDA Market Recap November 9, 2009

AUSTIN – (Nov. 9, 2009) For the week ending Nov. 7, 2009, feeder cattle prices at Texas auctions were mostly steady to $3 higher per hundredweight, with the most increase on offerings weighing more than 600 pounds. Improving prospects for winter grazing and the previous week’s higher fed cattle prices supported the market. Cotton prices increased on prospects for higher global demand and ongoing concerns about the crop in the Southeastern U.S. Grain prices ended the week slightly higher. As for futures markets, fed cattle were higher, wheat and corn were up slightly and feeder cattle, cotton and lumber were lower. During the week, parts of Southeast Texas received up to 1.5 inches of rainfall, while the rest of the state recorded little or no precipitation. Topsoil moisture remains in mostly short to adequate supply statewide, though some areas in East Texas reported surplus conditions. Winter wheat planting was active in many areas with the crop now 82 percent planted, slightly behind normal. Cotton harvest progressed to 44 percent complete and bolls are open on 95 percent of the acreage. The crop was reported in mostly good to fair condition. Corn harvest was 92 percent complete with most of the remaining acreage on the Northern High Plains. The state’s grain sorghum and peanut crops were both 75 percent harvested by week’s end.