TSCRA Daily News Update, Sept. 9, 2008

TDA Market Recap Sept. 8, 2008

For the week ending Sept. 6, feeder cattle price trends at Texas auctions were mostly steady to $5 per hundredweight higher, with some instances up to $10 higher. The higher prices were in response to lower grain prices.

Fed cattle cash prices were virtually unchanged. Cotton prices ended the week sharply lower amid concerns that a stronger dollar and weaker global economy would reduce demand. Corn, wheat and grain sorghum prices also declined. Timber cash prices were sharply lower as a weak housing market reduced demand for lumber.

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

Hurricane Gustav brought less rain than expected to EastTexas, while much of the state received little or no rain during the week. Cotton harvest progressed to 13 percent complete, slightly behind normal. Corn harvest was on a near-normal pace and now stands at 63 percent complete.

Land preparations continued for winter wheat seedings, with some acreage planted in most areas of the state.

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

Texas Cash Markets: 09/06/08 08/30/08 09/08/07

Feeder Steers ($/cwt) 111.30 109.64 119.00
Fed Cattle ($/cwt) 98.96 98.97 94.99

Slaughter Lambs ($/cwt) 109.50 109.00 110.00
Slaughter Goats ($/cwt) 122.50 120.50 116.00

Cotton                 (¢/lb)      61.75       64.25    55.00
Grain Sorghum           ($/bu)        8.22        9.04       5.67
Wheat                   ($/bu)        7.02        7.37      7.32
Corn                    ($/bu)        5.43       5.63      3.66

Watermelons ($/lb) 0.12 0.13 0.15

Pine Sawlogs ($/1000 bd ft) 177.65 228.48 305.21
Pine Pulpwood ($/ton) 8.00 10.48 26.17

Futures Markets:

Feeder Cattle ($/cwt) 111.13 111.15 118.80
Finished Cattle ($/cwt) 102.95 104.05 96.10

Cotton                  (¢/lb)      63.26       67.53       57.90
Wheat                   ($/bu)         7.73        8.19        8.10
Corn                    ($/bu)         5.32       5.68        3.31

Lumber ($/1000 bd ft) 251.20 252.00 249.00

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. The Texas Forest Service reports timber prices bimonthly.

For additional information, contact TDA Market News at 800/252-3407 or visit their Web site, www.tdamarketnews.com.