Cattle prices stay down as rains return

For the week ending March 8, feeder cattle prices at Texas auctions declined under pressure from high grain prices and increasing supplies of feedlotready cattle coming off wheat pasture. Fed cattle prices were also lower in response to lower beef prices and declining packer margins.

After trading higher for most of the week, Texas cash cotton and grain prices closed lower because of concerns that further weakening of the general economy could cause demand would fall. As for futures markets, feeder cattle, finished cattle, cotton, wheat, corn and lumber all closed the week lower.

Most areas of the state reported at least some precipitation, with the heaviest amounts again in East Texas and along the Upper Coast.

As a result, more of the state reported soil moisture as adequate and surplus, but most of the Plains, North, West and South Texas continue to be rated in short to very short condition.