TDA Market Recap November 23, 2009

AUSTIN – (Nov. 23, 2009) For the week ending Nov. 21, 2009, feeder cattle price trends at Texas auctions were mixed, with some locations steady to $8 lower per hundredweight and others as much as $7 higher. Lower fed cattle prices and mostly higher grain prices contributed to the lower markets, while improved forage conditions boosted local demand in some areas. Cotton prices continue to rise on prospects for improved global demand and concerns about the southeastern U.S. crop. Grain prices fluctuated during the week along with value of the dollar and crude oil prices before closing mostly higher. As for futures markets, fed cattle, cotton, wheat and lumber were higher, corn was unchanged and feeder cattle were lower. Parts of Southeast Texas recorded as much as 10 inches of rain during the week while other areas reported more moderate amounts. Topsoil moisture remains in mostly adequate to short supply statewide. Winter wheat planting continued on the Plains, but was delayed by rains in the Blacklands. Overall, the crop is now 91 percent planted, slightly behind normal. Cotton harvest was active in many areas and stands at 70 percent complete statewide, well ahead of the normal 58 percent. Corn harvest was nearing completion and grain sorghum is 77 percent harvested. Pastures were reported in mostly fair to good condition.