TDA Market Recap, 6-10-08

TSCRA Daily News Update, June 10, 2008

TDA Market Recap June 9, 2008

For the week ending June 7, feeder cattle prices at Texas auctions were mostly steady to $4 per hundredweight higher. However, some locations were as much as $5 lower late in the week, when sharply higher grain prices pressured the market. Fed cattle prices were lower.

Corn and grain sorghum cash markets ended the week sharply higher because of ongoing concerns about weather in the Midwest, higher oil prices and a weaker U.S. dollar. Wheat prices were also higher.

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

Most of the state experienced high temperatures, strong winds and little rainfall during the week. Topsoil moisture is rating short to very short in most areas.

Wheat harvest was active and now stands at 34 percent complete, well ahead of the 15 percent average by this date. The crop is rating in mostly fair to poor condition. The state's cotton crop is now 86 percent planted with the emerged acreage rated in good to fair condition.

The corn crop is also progressing at a near normal pace with 99 percent of the acreage emerged and 46 percent tasseled.

Pasture ratings are mostly good to fair condition.

- - - - - - Week Ending - - - -
Texas Cash Markets: 06/07/08 05/31/08 06/09/07

Feeder Steers ($/cwt) 112.99 111.20 116.96
Fed Cattle ($/cwt) 94.42 95.90 91.05

Slaughter Lambs ($/cwt) 99.00 95.00 78.50
Slaughter Goats ($/cwt) 125.00 127.50 116.50

Cotton                          (¢/lb)              60.75                 60.75                 48.50
Grain Sorghum          ($/bu)               10.77                    9.84                  6.43
Wheat                         ($/bu)                 7.63                   7.24                  4.81
Corn                           ($/bu)                  6.57                  5.94                   4.03

Onions ($/carton) 10.00 11.50 12.00

Futures Markets:

Feeder Cattle ($/cwt) 112.25 116.03 108.20
Finished Cattle ($/cwt) 93.85 96.53 89.73

Cotton                       (¢/lb)               66.52                     65.74                    51.42
Wheat                       ($/bu)                  8.47                       8.02                     5.19
Corn                          ($/bu)                  6.51                      5.99                    3.82

Lumber ($/1000 bd ft) 243.90 246.30

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.

The Texas Forest Service reports sawlog and pulpwood prices bimonthly. 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.