Daily News Update, Feb. 26, 2008
TDA Market Recap, Feb.
25, 2008
For the week
ending Feb. 23, 2008, cotton prices rose sharply after USDA predicted
that acreage could fall to the lowest level in 25 years as growers shift
more land to grain production.
Wheat prices
continue to increase because of strong demand for tight supplies. These
increases also helped pull corn and grain sorghum higher.
Feeder steer
prices at Texas auctions were again higher than both the previous week
and a year earlier. Heavy movement into feedlots last fall reduced
current supplies while demand remains good, especially for higher
quality offerings. Fed cattle prices were also modestly higher.
As for futures
markets, feeder cattle were lower in response to higher grain prices,
while fed cattle, corn, wheat, cotton and lumber were higher.
A few scattered
showers were reported in parts of the Panhandle, Central and East Texas,
but most of the state was warm and dry. The winter wheat crop benefited
from the showers, but remains in poor to very poor condition statewide.
Preparations for spring planting continued, and some corn was planted in
the Lower Rio Grande Valley.
- - - - -
- Week Ending - - - -
Texas Cash
Markets:
02/23/08 02/16/08 02/24/07
Feeder
Steers
($/cwt)
117.20 115.17
110.91
Fed Cattle
($/cwt)
91.98 91.39
90.91
Slaughter Lambs
($/cwt)
124.00 120.00
139.00
Slaughter Goats
($/cwt)
142.00 141.50
140.00
Cotton
(¢/lb)
67.50 63.75
48.88
Grain Sorghum
($/bu)
8.55
8.42 7.25
Wheat
($/bu)
10.30 10.16
4.58
Corn
($/bu)
5.26 5.17
4.45
Oranges
($/carton)
8.38
8.38 12.92
Futures Markets:
Feeder
Cattle
($/cwt)
103.93 104.63
Finished Cattle
($/cwt)
92.00 91.40
Cotton
(¢/lb)
75.62 68.82
Wheat
($/bu)
11.07 10.82
Corn
($/bu)
5.22 5.15
Lumber
($/1000 bd ft)
222.70 221.70
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.
Sawlog
and pulpwood prices are reported bimonthly by the Texas Forest Service.
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 the TDA
Web site,
www.tdamarketnews.com.
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