For the week ending March 3, 2018, Texas feeder cattle auctions reported steady to higher prices, ranging from $2 to $5 higher. Texas Weekly Direct reported sales of steers and heifers sold mostly steady to $2 lower. Trade was fairly active on moderate to good demand. The Chicago Mercantile Exchange (CME) board struggled most of the week, and fat cattle on negotiated cash lost $2 trading at $126.00 per hundredweight (cwt) this week. Fed cattle cash trade varied throughout the week. Trade and demand was moderate on Wednesday, with light trade on light to moderate demand on Thursday.
For the week, live cash trades were $2 lower at $126.00 per cwt. Wholesale Beef values were higher than the previous week, with Choice Grade gaining $4.65 to close at $221.18 per cwt and Select Grade gaining $4.04 to end at $214.97 per cwt.
For the time period of Feb. 16-22, exporters reported net sales of 21,900 metric tons (MT) for 2018, which were up noticeably from the previous week and up 38 percent from the prior four-week average. Increases were reported for South Korea, Japan, Mexico, Canada and Hong Kong. Exports of 15,600 MT were down 1 percent from the previous week and from the prior four-week average. The primary destinations were Japan, South Korea, Mexico, Hong Kong and Taiwan.
Cotton prices were up, with cash prices rising to close at $76.50 cents per pound and March futures rising to close at $82.50 cents per pound. Net sales of 294.100 running bales (RB) were reported for 2017-2018, which were down 26 percent from the previous week and 20 percent from the prior four-week average. Increases were reported for China, Bangladesh, Turkey, Indonesia and Vietnam. Exports of 12,100 RB were down 43 percent from the previous week and 33 percent from the prior four-week average. The primary destinations were China, India and Vietnam.
Wheat prices were up at the close of last week, with cash prices rising to close at $4.73 per bushel and March futures closing at $5.24 per bushel. Net sales totaled 191,100 MT for delivery in the 2017-2018 marketing year and were down 42 percent from the previous week and the prior four-week average. Increases were for the Philippines, Japan, Venezuela and Malaysia. Exports of 330,700 MT were down 21 percent from the previous week and 30 percent from the prior four-week average. The primary destinations were to Japan, Mexico, Spain, Guatemala and the Philippines.
Corn prices were up at the close of last week, with cash prices closing at $3.94 per bushel and March futures closing at $3.78 per bushel. Net sales of 1,753,000 MT for 2017-2018 were up 13 percent from the previous week and down 2 percent from the prior four-week average. Increases were reported for South Korea, Japan, Mexico and Egypt. Exports of 1,275,700 were up 50 percent from the previous week and 37 percent from the prior four-week average. The destinations were primarily to South Korea, Peru, Mexico, Japan and Colombia.
Grain sorghum cash prices were higher at the close of last week, gaining 2 cents to close at $6.22 per cwt. Exports of 55,600 MT were down 82 percent from the previous week and 73 percent from the prior four-week average. The destination was China.
Milk prices were higher at the close of last week, with February Class III milk futures closing at $14.08 per cwt.
This week’s U.S. Drought Monitor for Texas showed significant improvements to drought for the eastern part of the state; however, 77.25 percent of Texas was still in some stage of drought intensity, down 10.85 percentage points from last week. On the national level, drought conditions slightly declined, with 54.66 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 4.63 percentage points from last week.
| Week Ending | Previous | Previous | ||
| Texas Cash Markets: | March 3, 2018 | Week | Year | |
| Feeder Steers | $/cwt | 149.21 | 147.29 | 123.96 |
| Fed Cattle | $/cwt | 126.01 | 127.92 | 124.00 |
| Slaughter Lambs | $/cwt | 222 | 219 | 192.00 |
| Slaughter Goats | $/cwt | 216 | 279 | 272.00 |
| Cotton | ¢/lb. | 76.50 | 75.00 | 72.50 |
| Grain Sorghum | $/cwt | 6.22 | 6.05 | 5.43 |
| Wheat | $/bu. | 4.73 | 4.26 | 3.53 |
| Corn | $/bu. | 3.94 | 3.78 | 3.61 |
| Futures Markets: | ||||
| Feeder Cattle | $/cwt | 145.12 | 146.00 | 121.70 |
| Fed Cattle | $/cwt | 123.50 | 128.00 | 123.75 |
| Cotton | ¢/lb. | 82.50 | 81.45 | 75.42 |
| Wheat | $/bu. | 5.24 | 4.69 | 4.54 |
| Corn | $/bu. | 3.78 | 3.66 | 3.64 |
| Class III Milk | $/cwt | 14.08 | 13.42 | 16.86 |
MBF = thousand board feet.
All cash prices above are market averages for locations covered by the USDA Market News program and do not reflect any particular sale at any specific location. Feeder cattle prices are for Texas direct sales of 650-850 pound medium and large No.1 steers for current delivery. Futures prices are quoted for the nearest month contract on the last trading day of the week. Timber prices are from the Texas A&M Forest Service, bimonthly “Texas Timber Price Trends.”
For additional information, contact TDA at (800) 835-5832 or visit www.TexasAgriculture.gov.