TDA Market Recap, June 2, 2008

TSCRA Daily News Update, May 30, 2008

TDA Market Recap, June 2, 2008

For the week ending May 31, feeder cattle prices at Texas auctions were down more than $2 per hundredweight compared with the previous week. High feed costs continue to pressure the market.

Fed cattle prices were $1 higher with support from smaller numbers offered for sale and stable beef prices.

Cotton prices were again lower as markets adjust to larger global stocks. Corn and grain sorghum prices were modestly lower, but wheat was higher.

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

Some areas in the Northern half of the state received up to two inches of rain, while the rest of the state reported little or no precipitation. Topsoil moisture remains adequate to short statewide and pasture conditions were rated mostly good to fair.

Wheat harvest continued, with 19 percent of the crop now harvested, slightly ahead of the 17 percent average. Corn planting neared completion, with the emerged crop rated in mostly good to fair condition.

Cotton planting progressed to 72 percent complete, near the 74 percent average, but some acreage had to be replanted because of hail and wind damage.

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

Texas Cash Markets: 05/31/08 05/24/08 06/02/07

Feeder Steers ($/cwt) 111.20 113.51 114.44

Fed Cattle ($/cwt) 95.90 94.93 93.02

Slaughter Lambs ($/cwt) 95.00 106.00 97.50
Slaughter Goats ($/cwt) 127.50 127.50 129.50

Cotton                                                   (¢/lb)            60.75               62.75              50.03
Grain Sorghum                                   ($/bu)                9.84                 9.86                 6.53
Wheat                                                  ($/bu)               7.24                7.13                 4.70
Corn                                                    ($/bu)               5.94               6.00                 4.05

Onions ($/carton) 11.50 10.00 10.00

Futures Markets:

Feeder Cattle ($/cwt) 116.03 115.23 110.25
Finished Cattle ($/cwt) 96.53 96.18 90.80

Cotton                                              (¢/lb)                    65.74              69.21              50.48
Wheat                                             ($/bu)                      8.02                  7.98                5.08
Corn                                                ($/bu)                      5.99                 6.00                3.87

Lumber ($/1000 bd ft) 246.30 251.00

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.