TDA Market Recap, June 16, 2008

TSCRA Daily News Update, June 17, 2008

TDA Market Recap, June 16, 2008

For the week ending June 14, feeder cattle prices at Texas auctions were mostly $2 to $5 per hundredweight lower under pressure from higher grain prices. Fed cattle prices declined $1 per hundredweight.

Cotton and grain prices were sharply higher. Ongoing concerns about the wet weather and flooding in the Midwest caused corn prices to rise and helped pull wheat and grain sorghum markets higher. Cotton prices rose after USDA reduced its estimate of stocks remaining at the end ofthis marketing year.

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

Weather during the week was hot, dry and windy for most of the state, though some locations in East Texas reported as much as 2 inches of rain. Topsoil moisture was rated mostly short to very short statewide. The dry weather stressed crops with most acreage reported in good to fair condition.

Wheat harvest is 51percent complete, slightly ahead of the average pace. Cotton planting stands at 94 percent complete, slightly ahead of average. The corn crop is 51 percent tasseled compared to the 57 percent average by this date.

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

Texas Cash Markets: 06/14/08 06/07/08 06/16/07

Feeder Steers            ($/cwt)                108.57        112.99          110.92
Fed Cattle                  ($/cwt)                93.43          94.42              90.40
Slaughter Lambs       ($/cwt)                92.50            99.00            82.00

Slaughter Goats ($/cwt) 114.00 125.00 92.50

Cotton (¢/lb) 64.75 60.75 50.00

Grain Sorghum           ($/bu)                12.17          10.77                7.00
Wheat                          ($/bu)                     8.40             7.63                4.51
Corn                             ($/bu)                  7.36              6.57               4.52
Onions                    ($/carton)                   7.00             10.00              12.00

Futures Markets:

Feeder Cattle ($/cwt) 109.15 112.25 106.85
Finished Cattle ($/cwt) 95.58 93.85 90.55

Cotton                         (¢/lb)                     71.63          66.52             54.92
Wheat                        ($/bu)                         9.24            8.47               5.96
Corn                          ($/bu)                         7.32            6.51               4.19

Lumber ($/1000 bd ft) 242.20 243.90

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.