TSCRA Daily News Update, Oct. 7, 2008

TDA Market Recap Oct. 6, 2008

For the week ending Oct. 4, feeder cattle price trends at Texas auctions were mostly lower by $3 to $10 per hundredweight. Fed cattle cash prices were $2.50 lower.

Cotton and grain prices were sharply lower. Turmoil in stock markets, uncertainty about government bailout plans for the financial sector, a stronger U.S. dollar and concerns that a weaker global economy could reduce demand were all factors in the decline.

As for futures markets, feeder cattle, finished cattle, cotton, wheat, corn and lumber all closed the week sharply lower.

Most areas of the state recorded little or no rainfall last week, with some areas of the Panhandle and Central Texas reporting up to 1.5 inches of rain. Topsoil moisture remains mostly short to adequate statewide.

Wheat seeding slowed on the Northern High Plains as many fields were too dry to plant. Overall, 54 percent of the crop is planted and 26 percent has emerged, both slightly behind normal. Cotton harvest progressed to 19 percent complete, compared to an average 23 percent by this data. Corn harvest stood at 68 percent complete, well behind the normal 83 percent.

Pastures are in mostly good to fair condition.

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

Texas Cash Markets: 10/04/08 09/27/08 10/06/07

Feeder Steers ($/cwt) 99.17 105.01 111.02
Fed Cattle ($/cwt) 96.54 98.94 92.06

Slaughter Lambs ($/cwt) 92.50 98.50 100.50
Slaughter Goats ($/cwt) 98.50 99.50 107.00

Cotton                 (¢/lb)     55.25      56.50        59.50
Grain Sorghum           ($/cwt)       6.59       8.18         5.69
Wheat                   ($/bu)        5.76      6.51         8.19
Corn                    ($/bu)        4.38      5.38         3.55

Watermelons ($/lb) 0.15 0.15 0.20

Futures Markets:

Feeder Cattle ($/cwt) 100.68 105.80 113.95
Finished Cattle ($/cwt) 95.60 100.95 93.68

Cotton                  (¢/lb)     55.61     58.06       60.22
Wheat                   ($/bu)        6.71        7.46        8.95
Corn                    ($/bu)        4.54        5.43        3.42

Lumber ($/1000 bd ft) 196.50 211.50 249.00

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. 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.