For the week ending March 31, 2017, Texas feeder cattle auctions reported mixed prices with instances of steady to $5 higher and $1 to $7 lower. Texas Weekly Direct reported mixed prices as well, with instances of steady to $3 higher and steady to $4 lower. Wholesale Beef values were lower, with Choice grade losing $5.79 to end at $214.12 per hundredweight (cwt) and Select grade losing $9.62 to end at $204.00 per cwt.
For the time period of March 20-26, the USDA NASS Field Office reported that producers in the plains and the Blacklands were still supplementing cattle on range. Most of the cattle were in good condition. Although some of the pasture dried out due to the warm weather and strong winds, the pasture and range condition were rated mostly good to fair.
For the time period of March 17-23, 2017, exporters reported net sales of 10,800 metric tons (MT) which were down 26 percent from the previous week and 31 percent from the prior four-week average. Increases were reported primarily for South Korea, Hong Kong and Japan. Exports totaled 14,500 MT and were up 11 percent from the previous week and 8 percent from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.
Cotton prices were uneven at the end of last week, with cash prices losing 0.50 cents to end at 75.25 cents per pound and May futures gaining 0.39 cents to end at 77.33 cents per pound. The USDA NASS Field Office reported that cotton planting continued in the Lower Valley and the Upper Coast. Producers in the Northern districts of the state continued field preparations for cotton planting. Net upland sales totaled 392,300 running bales (RB) and were up 20 percent from the previous week and 14 percent from the prior four-week average. Increases were reported primarily for Turkey, Vietnam and India. Exports totaled 394,000 RB and were up 4 percent from the previous week and 1 percent from the prior four-week average. The primary destinations were Vietnam, China and Turkey.
Wheat prices were mixed at the end of last week, with cash prices gaining a penny to end at $3.36 per bushel and May wheat futures staying steady to remaining at $4.21 per bushel. The USDA NASS Field Office reported that winter wheat was rated 72 percent fair to good. Some wheat fields in the Southern Low Plains showed signs of moisture stress, but the dry conditions extended to most of the Northern parts of the state, the Edwards Plateau and South Texas. Net sales totaled 464,100 MT and were up 11 percent from the previous week and 33 percent from the prior four-week average. Increases were reported primarily for Saudi Arabia, the Philippines and Mexico. Exports totaled 495,400 MT and were down 24 percent from the previous week and 11 percent and from the prior four-week average. The destinations were primarily the Philippines, Morocco and Mexico.
Corn prices were higher at the end of last week with cash prices gaining 9 cents to end at $3.59 per bushel and May futures gaining 8 cents to end at $3.64 per bushel. The USDA NASS Field Office reported that corn planting continued across the state. Corn in the Blacklands was emerging and producers were fertilizing fields. Net sales totaled 716,900 MT and were down 47 percent from the previous week and 28 percent from the prior four-week average. Increases were reported primarily for Peru, Mexico and Japan. Exports totaled 1,402,800 MT and were up 2 percent from the previous week, but down 4 percent from the prior four-week average. The primary destinations were Colombia, Mexico and South Korea.
Grain Sorghum cash prices were higher at the end of last week, gaining 18 cents to end at $5.38 per cwt. The USDA NASS Field Office reported that sorghum planting was underway in South Texas. Net sales totaled 16,700 MT and resulted as increases for China and Mexico. Exports totaled 58,300 MT and were up noticeably from the previous week, but down 20 percent from the prior four-week average. The destinations were China and Mexico.
Milk prices were higher at the end of last week, with April Class III milk futures gaining 31 cents to close at $15.31 per cwt.
This week’s U.S. Drought Monitor for Texas showed a slight improvement in drought conditions for the state, with 44.94 percent of Texas still in some stage of drought intensity, down 1.60 percentage points from last week. On the national level, drought conditions improved slightly as well, with 35.59 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 0.63 percentage points from last week.
| Week Ending | Previous | Previous | ||
| Texas Cash Markets: | March 31, 2017 | Week | Year | |
| Feeder Steers | $/cwt | 132.08 | 129.50 | 157.01 |
| Fed Cattle | $/cwt | 127.37 | N/A | 134.00 |
| Slaughter Lambs | $/cwt | 195.00 | 189.00 | 204.00 |
| Slaughter Goats | $/cwt | 279.00 | 270.00 | 287.00 |
| Cotton | ¢/lb. | 75.25 | 75.75 | 54.62 |
| Grain Sorghum | $/cwt | 5.38 | 5.24 | 5.30 |
| Wheat | $/bu. | 3.36 | 3.38 | 4.90 |
| Corn | $/bu. | 3.59 | 3.49 | 3.69 |
| Futures Markets: | ||||
| Feeder Cattle | $/cwt | 133.95 | 133.38 | 152.57 |
| Fed Cattle | $/cwt | 119.95 | 122.10 | 132.35 |
| Cotton | ¢/lb. | 77.33 | 77.47 | 57.67 |
| Wheat | $/bu. | 4.21 | 4.28 | 4.66 |
| Corn | $/bu. | 3.64 | 3.56 | 3.67 |
| Lumber | $/MBF | 381.40 | 376.60 | 312.30 |
| Class III Milk | $/cwt | 15.31 | 14.99 | 13.76 |
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.
Source: TDA