2008-12-10 / Farm & Ranch

TDA Market Recap - Dec. 1, 2008

AUSTIN - (Dec. 8, 2008) For the week ending Dec. 6, 2008, feeder cattle price trends at Texas auctions were mixed with sales early in the week steady to $6 lower per hundredweight (cwt) and later sales steady to $6 higher. Fed cattle prices declined by $3 per cwt in response to lower beef prices and concerns that demand will decline in a weaker economy. Cotton and grain markets closed the week at their lowest levels in more than two years as a strong U.S. dollar, slumping export demand and concerns about the economy continue to push commodity markets lower. As for futures markets, feeder cattle, finished cattle, cotton, wheat, corn and lumber all finished the week lower. Parts of the Plains and East Texas recorded up to one inch of rain during the week while the rest of the state-reported little or no precipitation. Topsoil moisture remains in adequate to short supply in most locations. Winter wheat seeding is nearing completion with the emerged crop reported to be in mostly fair to good condition. Cotton harvest advanced to 81 percent complete, slightly behind the normal pace. Grain sorghum and peanut harvests are almost finished. Pastures were reported to be in mostly poor to fair condition and needing rain in most areas.

The cash prices above are market averages for locations covered by the TDA Market News program and do not reflect any particular sale at any specific location. Feeder cattle prices are for 500-600 pound medium and large #1 steers. Futures prices are quoted for the nearest month contract on the last trading day of the week.

For additional information, contact TDA Market News at (800) 252-3407 or visit our Web site, www.tdamarketnews.com.

- - - - - - Week Ending - - - - -
Texas Cash Markets: 12/06/08 11/29/08 12/08/07
Feeder Steers ($/cwt) 87.75 95.10 112.03
Fed Cattle ($/cwt) 86.88 90.01 94.01
Slaughter Lambs ($/cwt) 118.00 112.00 113.50
Slaughter Goats ($/cwt) 120.50 113.00 114.00
Cotton (¢/lb) 40.00 42.25 58.75
Grain Sorghum ($/cwt) 3.79 4.88 6.75
Wheat ($/bu) 4.11 4.82 8.74
Corn ($/bu) 3.04 3.59 4.26
Grapefruit ($/carton) 11.65 11.65 13.65
Oranges ($/carton) 9.65 9.63 9.71
Cabbage ($/carton) 6.50 6.50 6.25

Futures Markets:

Feeder Cattle ($/cwt) 86.65 91.70 105.95
Finished Cattle ($/cwt) 81.55 87.37 94.03
Cotton (¢/lb) 39.33 45.75 64.55
Wheat ($/bu) 4.90 5.63 9.49
Corn ($/bu) 2.94 3.50 4.00
Lumber ($/1000 bd ft) 178.90 193.50 254.60

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