Daily News Update, Feb. 20, 2008

TDA Market Recap, 2-19-08

For the week ending Feb. 16, 2008, feeder steer prices at Texas auctions were up from both the previous week and a year ago, as demand remains good for the seasonally smaller numbers coming to market. Fed cattle prices declined as lower beef values cut into packer margins.

Wheat prices dropped sharply through mid-week after higher markets reduced demand, but recovered somewhat by week’s end. Cotton, grain sorghum and corn prices finished the week higher.

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

Many areas of the state received much-needed rain late in the week, with the heaviest amounts falling in East Texas and along the Upper Coast. However, the rainfall varied widely and soil moisture ratings remained mostly short to very short elsewhere in the state.

The winter wheat crop is now 95 percent emerged and rated in fair to very poor condition because of the dry soils. Preparations for spring planting continued in most locations. Sugarcane, citrus and vegetable harvest continued in South Texas and the Lower Rio Grande Valley.

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

Texas Cash Markets:                     02/16/08         02/09/08         02/17/07

Feeder Steers                   ($/cwt)               115.17                111.47                  111.67
Fed Cattle                          ($/cwt)                 91.39                   91.98                    91.01

Slaughter Lambs               ($/cwt)              120.00                126.50                 139.00
Slaughter Goats                ($/cwt)               141.50               136.50                  142.50

Cotton                                    (¢/lb)                63.75                 63.50                      49.88
Grain Sorghum                    ($/bu)                  8.42                   8.30                        7.04
Wheat                                   ($/bu)                10.16                10.62                        4.42
Corn                                      ($/bu)                  5.17                   5.11                       4.32

Oranges                          ($/carton)                8.38                    8.38                     13.92

Futures Markets:           

Feeder Cattle                    ($/cwt)                104.63               105.03
Finished Cattle                  ($/cwt)                  91.40                 92.20

Cotton                                  (¢/lb)                   68.82                 69.09
Wheat                                  ($/bu)                 10.82                 11.40
Corn                                     ($/bu)                   5.15                   5.08

Lumber                      ($/1000 bd ft)              221.70              229.70

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.