TDA Market Recap, June 23, 2008

TSCRA Daily News Update, June 24, 2008

TDA Market Recap, June 23, 2008

For the week ending June 21, feeder cattle prices at Texas auctions were mostly $2 to $5 per hundredweight lower as high grain prices continue to pressure the market. Fed cattle prices increased with higher beef prices and reduced supplies coming to market.

Corn prices ended the week lower on forecasts for drier weather in the Midwest and lower oil prices. Wheat and cotton cash prices were higher. Timber prices continue to decline because of a weak housing market, mill closures and high fuel prices.

As for futures markets, feeder cattle, cotton and lumber were higher, while corn and wheat were lower and fed cattle unchanged.

Hot temperatures and scattered rainfall prevailed across the state as topsoil moisture remains in mostly short to very short supply. Wheat harvest is 69 percent complete statewide and nearing completion in the Blacklands and Cross Timbers regions. Cotton planting is 95 percent complete with the emerged crop reported in mostly fair to good condition.

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

Texas Cash Markets: 06/21/08 06/14/08 06/23/07

Feeder Steers ($/cwt) 105.52 108.57 111.99
Fed Cattle ($/cwt) 95.97 93.43 86.98

Slaughter Lambs ($/cwt) 82.50 92.50 77.50
Slaughter Goats ($/cwt) 93.00 114.00 97.00

Cotton                                     (¢/lb)                         66.50                64.75            54.25
Grain Sorghum                      ($/bu)                         12.10               12.17               6.20
Wheat                                     ($/bu)                            8.48                8.40                 5.19
Corn                                        ($/bu)                            7.22                7.36                 4.01

Onions ($/carton) 7.00 7.00 12.00
Watermelons ($/lb) 0.17 0.14 0.13

Pine Sawlogs ($/1000 bd ft) 228.53 277.54 321.40
Pine Pulpwood ($/ton) 10.42 14.03 11.77

Futures Markets:

Feeder Cattle                         ($/cwt)                          113.58               109.15          108.40
Finished Cattle                      ($/cwt)                           95.58               95.58             87.80
Cotton                                      (¢/lb)                                71.67             71.63            55.89
Wheat                                      ($/bu)                              9.15                   9.24              5.71
Corn                                        ($/bu)                                7.21                  7.32              3.68

Lumber ($/1000 bd ft) 250.90 242.20

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.