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Agriculture September 14, 2010  RSS feed

TDA Market Recap September 7, 2010

AUSTIN – (Sept. 7, 2010) For the week ending Sept. 4, feeder cattle price trends at Texas auctions were mixed, mostly $5 lower per hundredweight to $2 higher, with a few to $5 higher. Feeder prices normally decline during the late summer and fall as increasing numbers of recently weaned calves come to market. However, tighter supplies continue to hold prices well above where they were at this time last year. Fed cattle prices were lower after wholesale beef prices declined. Cotton prices hit a record 85.38 cents per pound as tight supplies of old crop cotton continue to push markets higher. Corn and grain sorghum increased on reports that corn yields may decline from last month’s USDA forecast. Strong export sales pushed wheat prices higher. As for futures markets, fed cattle, cotton, wheat and corn were higher while feeder cattle and lumber were lower. Much of the state recorded rainfall last week with amounts ranging from a trace to more than four inches in some locations. Topsoil moisture was rated mostly short to adequate with very dry conditions noted in parts of East Texas. Cotton harvest progressed to 9 percent complete, slightly behind the normal pace, and bolls were opening on 23 percent of the acreage. Grain sorghum and corn were both 44 percent harvested, well behind the average for this date. High aflatoxin levels remain a concern for many corn growers. The winter wheat crop was 3 percent seeded with land preparations active in most areas. Rice harvest was nearing completion and soybean harvest was active. Cotton, grain sorghum, soybeans and rice were reported to be in mostly good to fair condition; corn and peanuts were rated mostly good to excellent; and pastures were fair to good.
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