TSCRA Daily News Update, July 15, 2008

TDA market recap,July 14, 2008

For the week ending July 12, feeder cattle prices at Texas auctions ranged $2 to $4 per hundredweight higher than a week earlier in response to declining grain prices. Fed cattle prices were lower after beef values dropped late in the week.

Corn and wheat prices declined as markets continue to adjust to the latest acreage and production reports. Corn was also pressured by forecasts for favorable growing weather in the Midwest.

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

Most of the state received very little rain during the week, but areas of South Texas and the Northern High Plains recorded one-half to two inches or more. Drought conditions prevailed over most of the state with topsoil moisture in short to very short supply in many areas.

Wheat harvest is complete except for a few late-planted fields on the Northern High Plains. Cotton was setting bolls on 18 percent of the acreage with the crop in mostly fair to good condition. Corn harvest continues in central and southern locations, with 31 percent of the acreage now mature.

Pastures were in mostly fair to poor condition.

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

Texas Cash Markets: 07/12/08 07/05/08 07/14/07

Feeder Steers           ($/cwt)     108.31      106.31    112.97
Fed Cattle             ($/cwt)     99.87       101.97     90.83
Slaughter Lambs         ($/cwt)     95.50          *     89.00
Slaughter Goats         ($/cwt)     103.50        *   111.50

Cotton                 (¢/lb)      62.25     63.75     61.00
Grain Sorghum           ($/bu)      11.14       12.33      5.88
Wheat                   ($/bu)      7.85       8.32     5.49
Corn                    ($/bu)         6.79       7.46    3.84
Watermelons             ($/lb)         0.16        0.17      0.11

Futures Markets:

Feeder Cattle ($/cwt) 111.73 111.58 113.85
Finished Cattle ($/cwt) 101.20 103.80 91.63

Cotton                  (¢/lb)      70.63      68.02       66.49
Wheat                   ($/bu)         8.53       9.05        6.09
Corn                    ($/bu)         6.80      7.46        3.42

Lumber ($/1000 bd ft) 256.00 248.50 279.80

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.

*Price not available this week as all the auctions covered by Market News were closed for the Independence Day holiday.

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