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Agriculture July 27, 2010  RSS feed

TDA Market Recap July 19, 2010

AUSTIN – (July 19, 2010) For the week ending July 17, feeder cattle prices at Texas auctions were mostly steady to $5 higher per hundredweight, with a few locations as much as $9 higher. A shrinking supply of feeders and fed cattle prices that averaged $1.65 per hundredweight higher than a week ago supported the market. Cotton prices were higher for the week on good export sales and expectations for more purchases by China. Wheat prices increased amid concerns that hot dry weather in Europe would reduce world production and thus increase demand for U.S. wheat. Corn and grain sorghum followed wheat higher with additional support from a weaker dollar and higher crude oil prices. As for futures markets, fed cattle, cotton, wheat and corn were higher, while fed cattle and lumber were slightly lower. Parts of Southeast Texas, the High Plains and the Trans-Pecos recorded as much as four inches of rain during the week, while other areas saw little to no precipitation. Topsoil moisture was rated mostly adequate, with short supplies noted in East, Central and West Texas. Wheat harvest neared completion. Cotton progressed well with 81 percent of the acreage setting bolls, well ahead of normal. The crop was rated in mostly good to excellent condition, though cotton on the northern High Plains needs warmer temperatures to boost development. Corn was silking on 83 percent of the acreage, and 26 percent of the crop is mature. Grain sorghum was 35 percent mature and harvest was 9 percent complete, both behind the normal pace. Corn, grain sorghum and pastures were reported in good to fair condition. Cotton, peanuts and rice were rated good to excellent.
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