TDA Market Recap January 19, 2010

AUSTIN – (Jan. 19, 2010) For the week ending Jan. 16, feeder cattle prices at Texas auctions were $2 to $10 higher per hundredweight for offerings under 600 pounds and steady to $3 higher for heavier weights. Fed cattle prices were near unchanged again last week. Cotton markets ended the week lower amid lingering concerns about export demand. Corn and grain sorghum were sharply lower after USDA reported that corn production reached a record high 13.2 billion bushels in 2009. Wheat declined on the ample world supplies and weak export demand. Prices for cabbage and other winter vegetables were sharply higher after recent freeze damage reduced supplies. As for futures markets, feeder cattle, finished cattle and lumber were higher, while cotton, wheat and corn were lower. Rainfall amounts during the week varied from 5 inches in parts of Southeast Texas to little or none on the High Plains. Topsoil moisture was reported as adequate to surplus for most of the state, but short to very short on the High Plains and in the Trans-Pecos region. Recent extremely cold temperatures caused some leaf burn on wheat with the crop rated in mostly fair to good condition. Cotton harvest was nearing completion while preparations for spring planting were underway as weather permitted. Freeze damage was reported to some winter vegetables in South Texas. Pastures were reported in good to fair condition.