Daily News Update, Feb. 12, 2008


TDA Market Recap, Feb. 11, 2008

For the week ending Feb. 9, 2008, feeder steer prices at Texas auctions were up $4.31 per hundredweight from the previous week. Fed cattle prices were also higher as increased beef prices boosted packer margins.

Sheep and goat prices rose as processors line up supplies for the spring holidays. Wheat prices were up sharply as demand remains good for the tight supplies, with projected carryover stocks at the lowest level in 60 years.

Corn, cotton and grain sorghum prices ended the week unchanged to higher.

Prices for pine sawlogs declined as a weakened housing market reduced demand. Pine pulpwood prices set a record high on strong demand for pulp and paper.

As for futures markets, feeder cattle and finished cattle were lower, while cotton, corn, wheat and lumber were higher.

Little precipitation was recorded anywhere in the state, with some scattered showers in East Texas. The winter wheat crop continues to struggle because of the lack of moisture and rates in fair to very poor condition.

Field preparations for spring planting are underway in many areas.

                                                                   - - - - - - Week Ending  - - - -

Texas Cash Markets:                               02/09/08      02/02/08      02/10/07

Feeder Steers                       ($/cwt)            111.47            107.16            109.43
Fed Cattle                              ($/cwt)              91.98              89.97              90.93

Slaughter Lambs                  ($/cwt)             126.50            115.00            125.00
Slaughter Goats                   ($/cwt)             136.50            125.50            130.00

Cotton                                    (¢/lb)                 63.50              62.75              50.38
Grain Sorghum                     ($/bu)                  8.30                8.16                6.83
Wheat                                     ($/bu)               10.62                9.13                4.40
Corn                                       ($/bu)                  5.11                5.11                4.21

Oranges                                 ($/carton)          8.38                 7.84               16.75

Pine Sawlogs                        ($/ton)              36.72               38.45              42.75
Pine Pulpwood                     ($/ton)              15.98               12.02                 8.73

Futures Markets:                      

Feeder Cattle                        ($/cwt)             105.03           105.45
Finished Cattle                      ($/cwt)              92.20              90.23

Cotton                                    (¢/lb)                  69.09              68.16
Wheat                                     ($/bu)                11.40               9.90
Corn                                       ($/bu)                   5.08                5.0

Lumber                       ($/1000 bd ft)              229.70           221.00

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 No. 1 steers.

Sawlog and pulpwood prices are reported bimonthly by the Texas Forest Service. 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 their Web site, www.tdamarketnews.com.