TDA Market Recap December 14, 2009

AUSTIN – (Dec. 14, 2009) For the week ending Dec. 12, feeder cattle price trends at Texas auctions were mixed, from $5 lower per hundredweight to $5 higher. Some locations report good demand for cattle to place on winter grazing, but lower prices for finished cattle. Higher grain values pressured feeder markets. Weak demand and lower beef prices pushed the fed cattle market $3 lower. Strong global demand continues to support the cotton market. Corn and grain sorghum ended the week higher after a major Midwest snowstorm halted corn harvest, with some fields likely to remain unharvested until spring. As for futures markets, cotton and corn were higher, while feeder cattle, fed cattle, wheat and lumber were lower. Rainfall during the week varied across the state with the heaviest amounts falling along the Upper Coast and in East Texas. Topsoil moisture remains mostly adequate to short statewide. Winter wheat was 98 percent planted with 91 percent of the acreage emerged. Cotton harvest progressed to 92 percent complete, well ahead of the normal pace. Harvests of grain sorghum and soybeans were nearing completion. Pasture conditions declined with the cooler temperatures and shorter days, and were reported in mostly fair to good condition.