TDA Market Recap November 16, 2009

AUSTIN – (Nov. 16, 2009) For the week ending Nov. 14, 2009, feeder cattle prices at Texas auctions were mostly $2 to $4 lower per hundredweight with a few locations steady and some $6 lower. Declining fed cattle and higher grain prices pressured markets. Fed cattle prices fell by nearly $3 on lower beef prices and lighter processor demand for the upcoming holiday week. Cotton, corn and grain sorghum prices were higher after USDA cut its production forecasts, with additional support from concerns about harvest delays and crop quality. As for futures markets, cotton, wheat, corn and lumber were higher, while feeder cattle and fed cattle were lower. Some locations in Southeast Texas received up to two inches of rain during the week, while the rest of the state recorded little or no rainfall. Soil moisture remains in mostly short to adequate supply statewide. Cotton harvest progressed to 58 percent complete by week’s end, ahead of the normal 49 percent, with the crop reported in mostly fair to good condition. Corn was 97 percent harvested and grain sorghum harvest was 76 percent complete. The state’s winter wheat crop was 87 percent planted, behind the normal 92 percent and was reported in mostly fair to good condition. Cooler temperatures slowed forage growth in many areas and pastures were reported in mostly good to fair condition.