TSCRA Daily News Update, July 22, 2008

TDA Market Recap, July 21, 2008

For the week ending July 19, feeder cattle price trends at Texas auctions were mixed, ranging from $4 per hundredweight lower to $4 higher. Lower fed cattle prices pressured the market lower, while lower feed grain costs supported prices. Fed cattle prices dropped after beef prices declined late in the week.

Cotton prices were somewhat higher on concerns that hot, dry weather would reduce production, while corn prices were lower as conditions in the Midwest were favorable for crop development. Wheat prices were also lower with increased harvest-time supplies.

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

Some parts of the Panhandle, Southeast Texas and the Trans-Pecos recorded as much as 2 inches of rain, but much of the state remains dry.

Cotton was rated in mostly fair to good condition with some improvement noted in areas that received rainfall. The crop is setting bolls on 26 percent of the acreage, slightly behind normal. Corn harvest continues in the Blacklands region, with 44 percent of the acreage statewide now rated mature. Grain sorghum harvest is 34 percent complete.

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

Texas Cash Markets: 07/19/08 07/12/08 07/21/07

Feeder Steers ($/cwt) 109.76 108.31 118.58
Fed Cattle ($/cwt) 97.75 99.87 89.91

Slaughter Lambs ($/cwt) 97.25 95.50 96.50
Slaughter Goats ($/cwt) 100.50 103.50 103.50

Cotton                 (¢/lb)      63.50       62.25      58.00
Grain Sorghum           ($/bu)      9.63     11.14       5.31
Wheat                   ($/bu)      7.58       7.85      5.46
Corn                    ($/bu)      5.98       6.79      3.54
Watermelons             ($/lb)      0.18        0.16       0.11

Futures Markets:

Feeder Cattle ($/cwt) 113.88 111.73 115.50
Finished Cattle ($/cwt) 97.50 101.20 90.83

Cotton                  (¢/lb)      70.35       70.63       61.10
Wheat                   ($/bu)         8.38        8.53        6.04
Corn                    ($/bu)         6.10        6.80        3.18

Lumber ($/1000 bd ft) 246.60 254.00 291.30

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.