IMPORTANT NOTICE: Due to recent resource changes, the Texas Department of Agriculture is temporarily placing this report on hiatus; the last weekly recap will be sent on Monday, April 23, 2018. Their goal is to resume distribution at a later date.
For the week ending April 14, 2018, most Texas feeder cattle auctions reported mixed prices. Texas Weekly Direct reported prices steady to $3.00 higher. Trade was fairly active on good demand. Cattle futures regained some footing this week prompting an increase in receipts. Supply consisted of 48 percent steers and 52 percent heifers. Wholesale Beef values were lower when compared to the previous week, with Choice Grade losing $4.07 to close at $213.34 per cwt and Select Grade losing $6.45 to end at $201.13 per cwt.
For the time period of March 30 – April 5, exporters reported net sales of 21,800 metric tons (MT) for 2018, which were up 38 percent from the previous week and 33 percent the prior four-week average. Increases were reported for Japan, South Korea, Hong Kong, Mexico, and Canada. Exports of 15,100 MT were down 3 percent when compared to the previous week and 4 percent from the prior four-week average. The primary destinations were Japan, South Korea, Hong Kong, Canada, and Mexico.
Cotton prices were down at the close of last week, with May futures at 83.41 cents per bushel. Net sales of 179,400 running bales (RB) were reported, which were down 51 percent from the previous week and 46 percent from the prior four-week average. Increases were reported for Vietnam, Bangladesh, Indonesia, China, Turkey, and Japan. Exports of 499,600 RB were up 10 percent from the previous week and 16 percent from the prior four-week average. The primary destinations were China, Pakistan, Indonesia, Turkey, and Vietnam.
Wheat prices were down at the close of last week, with May futures closing at $4.96 per bushel. Net sales totaled 120,700 MT for delivery in 2018, which were up 11 percent from the previous week but down 46 percent from the prior four-week average. Increases were reported for Mexico, Vietnam, Japan, Brazil, and Malaysia. Exports of 436,400 MT were up 2 percent from the previous week and 12 percent from the prior four-week average. The primary destinations were Indonesia, China, Philippines, Vietnam, and Mexico.
Corn prices were down at the close of last week, with May futures closing at $3.86 per bushel. Net sales of 839,900 MT for 2018 were down 7 percent from the previous week and 46 percent from the prior four-week average. Increases were reported for Japan, Vietnam, Mexico, Egypt and Saudi Arabia. Exports of 1,912,100 MT were up 51 percent from the previous week and 41 percent from the prior four-week average. The destinations were primarily to Japan, Mexico, Vietnam, Saudi Arabia and Colombia.
Grain sorghum cash prices were down at the close of last week, losing 2 cents to close at $6.27 per cwt. Exports of 197,000 MT were up 14 percent from the previous week and 4 percent from the prior four-week average. The primary destinations were China and Japan.
Milk prices were steady at the close of last week, with March Class III milk futures closing the week at $14.41 per cwt.
This week’s U.S. Drought Monitor for Texas showed steady wide-spread drought conditions for the state, with 65 percent of Texas still in some stage of drought intensity, down 1 percent from last week. On the national level, drought conditions improved slightly, with 40 percent of the U.S. experiencing abnormal dryness or some degree of drought, also down 1 percentage points from last week.
Week Ending | Previous | Previous | ||
Texas Cash Markets: | April 14, 2018 | Week | Year | |
Feeder Steers | $/cwt | 130.21 | 127.54 | 127.31 |
Fed Cattle | $/cwt | 116.78 | 115.25 | 124.00 |
Cotton | ¢/lb. | 84.22 | 85.63 | 71.50 |
Grain Sorghum | $/cwt | 6.27 | 6.29 | 5.32 |
Wheat | $/bu. | 4.61 | 4.77 | 3.24 |
Corn | $/bu. | 3.90 | 3.97 | 3.47 |
Futures Markets: | ||||
Feeder Cattle | $/cwt | 139.37 | 135.325 | 128.32 |
Fed Cattle | $/cwt | 116.55 | 112.225 | 114.82 |
Cotton | ¢/lb. | 83.41 | 82.54 | 73.99 |
Wheat | $/bu. | 4.96 | 5.07 | 4.34 |
Corn | $/bu. | 3.86 | 3.88 | 3.58 |
Lumber | $/MBF | N/A | N/A | 312.90 |
Class III Milk | $/cwt | 14.41 | 14.41 | 16.62 |
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.
For additional information, contact TDA at (800) 835-5832 or visit www.TexasAgriculture.gov.