TDA Market Recap, April 24, 2018

Thank you for your readership of TDA’s Weekly Market Recap. Due to resource changes, the Texas Department of Agriculture is placing this report on hiatus; this is the last weekly recap. It is TDA’s goal to resume distribution at a later date. 
For the week ending April 21, 2018, most Texas feeder cattle auctions reported steady to higher prices, with instances of $7.00 higher. Texas Weekly Direct reported prices steady to $5.00 higher. Trade was active on good demand. Cattle producers regained footing this week as the futures market improved, and negotiated cash cattle were higher at $121.00 – $122.00 per cwt. Supply consisted of 58 percent steers and 42 percent heifers. Wholesale Beef values were lower when compared to the previous week, with Choice Grade dropping $1.56 to close at $211.78 per cwt and Select Grade losing $1.78 to end at $199.35 per cwt.
For the time period of April 6 – 12, exporters reported net sales of 19,900 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 15,200 MT were down 9 percent when compared to the previous week but up 18 percent from the prior four-week average. The primary destinations were Japan, South Korea, Hong Kong, Canada and Mexico.
Cotton prices were up at the close of last week, with May futures at 85.47 cents per bushel. Net sales of 290,200 running bales (RB) were reported, which were up 62 percent from the previous week and 2 percent from the prior four-week average. Increases were reported for Vietnam, Bangladesh, Indonesia, China and Turkey. 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 Vietnam, China, Pakistan, Turkey and Bangladesh.
Wheat prices were down at the close of last week, with May futures closing at $4.83 per bushel. Net sales totaled 66,900 MT for delivery in 2018, which were down noticeably from previous week and the prior four-week average.  Increases were reported for Philippines, Chile, Venezuela, Colombia and Peru. Exports of 452,100 MT were up 4 percent from the previous week and 9 percent from the prior four-week average. The primary destinations were Chile, Iraq, Japan, Philippines and Mexico.
Corn prices were down at the close of last week, with May futures closing at $3.77 per bushel. Net sales of 1,091,700 MT for 2018 were up 30 percent from the previous week but down 4 percent from the prior four-week average. Increases were reported for Colombia, Taiwan, Japan, South Korea and China. Exports of 1,593,800 MT were down 17 percent from the previous week but up 8 percent from the prior four-week average. The destinations were primarily to Mexico, Japan, South Korea, Colombia and Taiwan.
Grain sorghum cash prices were down at the close of last week, dropping 16 cents to close at $6.11 per cwt. Exports of 120,300 MT were down 39 percent from the previous week and 42 percent from the prior four-week average. The primary destination was China.
Milk prices were up at the close of last week, with March Class III milk futures closing the week at $14.52 per cwt.
This week’s U.S. Drought Monitor for Texas showed steady widespread drought conditions for the state, with 65 percent of Texas still in some stage of drought intensity. On the national level, drought conditions improved slightly, with 43 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 4 percentage points from last week.

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.