TSCRA Daily News Update, August 26, 2008

TDA Market Recap, Aug. 25, 2008

For the week ending Aug. 22, feeder cattle price trends at Texas auctions were mixed, with most prices steady to $3 per hundredweight higher, but some locations as much as $8 higher to $5 lower. Fed cattle prices were lower as beef prices declined.

Grain and cotton prices finished the week higher. Ongoing concerns about the lagging maturity of the Midwest crop boosted corn prices. Cotton markets rose on concerns that heavy rains in the Southern U.S. would hurt the size and quality of the crop.

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

Much of East and South Texas received additional rainfall during the week with locally heavy amounts up to 6 inches. Scattered showers fell in many other areas while the Trans-Pecos and Edwards Plateau recorded very little rain.

Cotton harvest was delayed in the Coastal Bend and South Texas, with 7 percent of the acreage harvested statewide. Bolls are opening on 19 percent of the crop. Corn harvest progressed to 61 percent complete, ahead of the normal 51 percent. Seventy percent of the state's rice crop has been harvested, slightly ahead of the average pace.

Pastures benefited from the recent rains, but remain in mostly fair to poor condition statewide.

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

Texas Cash Markets: 08/23/08 08/16/08 08/25/07

Feeder Steers ($/cwt) 110.90 110.85 116.47
Fed Cattle ($/cwt) 98.91 99.85 92.97

Slaughter Lambs ($/cwt) 111.00 102.00 101.50
Slaughter Goats ($/cwt) 120.00 108.50 106.75

Cotton                 (¢/lb)      63.75      61.75       53.00
Grain Sorghum           ($/bu)         9.16      8.34        5.85
Wheat                   ($/bu)         8.24      7.81       6.13
Corn                    ($/bu)         5.68      5.22       3.67
Watermelons             ($/lb)         0.14       0.15        0.11

Futures Markets:

Feeder Cattle           ($/cwt)      112.85      113.90      117.58
Finished Cattle         ($/cwt)      101.85     101.68       94.38
Cotton                  (¢/lb)      67.42     65.07       56.20
Wheat                   ($/bu)         9.00        8.63        6.63
Corn                    ($/bu)         5.87       5.30        3.42
Lumber           ($/1000 bd ft)      255.50      265.10      263.50

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. 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.