For the week ending March 31, 2017, most Texas feeder cattle auctions reported mixed prices. Texas Weekly Direct reported prices $2.00 to $6.00 lower. Trade activity was moderate on moderate to good demand. Supply consisted of 58 percent steers and 42 percent heifers. Wholesale Beef values were varied when compared to the previous week, with Choice Grade dropping $2.46 to close at $221.72 per cwt and Select Grade losing $5.03 to end at $211.94 per cwt.
For the time period of March 16 – March 22, exporters reported net sales of 23,600 metric tons (MT) for 2018, which were up noticeably from the previous week and the prior four-week average. Increases were reported for Canada, South Korea, Japan and Mexico. Exports of 15,900 MT were down 7 percent from the previous week and 2 percent from the prior four-week average. The primary destinations were Japan, South Korea, Hong Kong and Mexico.
Cotton prices were down, with May futures at 81.78 cents per bushel. Net sales of 304,300 running bales (RB) were reported, which were down 10 percent from the previous week and 9 percent from the prior four-week average. Increases were reported for India, Indonesia, Brazil, Vietnam and China. Exports of 14,800 RB were down 235 percent from the previous week and 30 percent from the prior four-week average. The primary destinations were China, India, Austria, and Peru.
Wheat prices were down at the close of last week, with May futures closing at $4.61 per bushel. Net sales totaled 35,800 MT for delivery in 2018, which were up 33 percent from the previous week and 40 percent from the prior four-week average. Increases were reported for the Philippines, Panama and Mexico. Exports of 328,700 MT were down 31 percent from the previous week and 12 percent from the prior four-week average. The primary destinations were United Arab Emirates, Mexico, Nigeria, Thailand and Taiwan.
Corn prices were down at the close of last week, with May futures closing at $3.71 per bushel. Net sales of 1,353,100 MT for 2018 were down 8 percent from the previous week and 28 percent from the prior four-week average. Increases were reported for South Korea, Taiwan and Mexico. Exports of 1,376,100 MT were unchanged from the previous week but up 8 percent from the prior four-week average. The destinations were primarily to Colombia, South Korea, Japan, Mexico and Vietnam.
Grain sorghum cash prices were down at the close of last week, losing 2 cents to close at $6.01 per cwt. Exports of 211,700 MT were down 15 percent from the previous week but up 5 percent from the prior four-week average. The primary destinations were China and Japan.
Milk prices were down at the close of last week, with March Class III milk futures closing the week at $14.23 per cwt.
This week’s U.S. Drought Monitor for Texas showed widespread drought conditions for the state, with 73.81 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 49.95 percent of the U.S. experiencing abnormal dryness or some degree of drought.
| Week Ending | Previous | Previous | ||
| Texas Cash Markets: | March 31, 2018 | Week | Year | |
| Feeder Steers | $/cwt | 139.58 | 147.52 | 127.31 |
| Fed Cattle | $/cwt | 110.25 | 113.25 | 124.00 |
| Cotton | ¢/lb. | 82.03 | 81.83 | 71.50 |
| Grain Sorghum | $/cwt | 6.01 | 6.03 | 5.32 |
| Wheat | $/bu. | 4.46 | 4.51 | 3.24 |
| Corn | $/bu. | 3.17 | 3.20 | 3.47 |
| Futures Markets: | ||||
| Feeder Cattle | $/cwt | 135.33 | 135.90 | 128.32 |
| Fed Cattle | $/cwt | 155.43 | 115.95 | 114.82 |
| Cotton | ¢/lb. | 82.02 | 81.83 | 73.99 |
| Wheat | $/bu. | 4.64 | 4.78 | 4.34 |
| Corn | $/bu. | 3.74 | 3.77 | 3.58 |
| Lumber | $/MBF | N/A | N/A | 312.90 |
| Class III Milk | $/cwt | 14.23 | 14.21 | 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.