For the week ending Feb. 24, 2018, Texas feeder cattle auctions reported mixed prices, ranging from $5 lower to $8 higher. Texas Weekly Direct reported prices were steady to $2 higher per hundredweight (cwt) with the exception of steers weighing over 800 pounds, which sold steady to weak. Most sales happened early in the week before the board experienced losses and fat cattle lost $2 for the week at $128.00 per cwt. Fed cattle cash trade varied throughout the week. On Wednesday, trading and demand were moderate. Thursday and Friday saw trading inactive on very light demand. Wholesale Beef values were higher than the previous week, with Choice Grade gaining $8.49 to close at $218.37 per cwt and Select Grade gaining $7.70 to end at $212.82 per cwt.
For the time period of Feb. 9-15, exporters reported net sales of 9,300 metric tons (MT) for 2018 — a marketing year low — which were down 10 percent from the previous week and 55 percent from the prior four-week average. Increases were reported for South Korea, Japan, Mexico, Canada and Hong Kong. Exports of 15,900 MT were up 8 percent from the previous week but unchanged 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 75.00 cents per pound and March futures rising to close at 81.45 cents per bushel. Net sales of 399,100 running bales (RB) were reported for 2017-2018, which were up 9 percent from the previous week and 40 percent from the prior four-week average. Increases were reported for China, Bangladesh, Turkey, Indonesia and Vietnam. Exports of 21,200 RB were up 20 percent from the previous week and 25 percent from the prior four-week average. The primary destinations were China, India and Pakistan.
Wheat prices were down at the close of last week, with cash prices falling 9 cents to close at $4.26 per bushel and March futures falling 10 cents to close at $4.69 per bushel. Net sales totaled 328,900 MT for delivery in the 2017-2018 marketing year, and were up 6 percent from the previous week but down 7 percent from the prior four-week average. Increases were for the Philippines, Japan, Venezuela and Malaysia. Exports of 418,100 MT were down 15 percent from the previous week and 10 percent from the prior four-week average. The primary destinations were to Japan, Mexico, Spain, Guatemala and the Philippines.
Corn prices were down at the close of last week, with cash prices losing 2 cents to close at $3.78 per bushel and March futures losing 2 cents to close at $3.66 per bushel. Net sales of 1,555,400 MT for 2017-2018 were down 21 percent from the previous week and 12 percent from the prior four-week average. Increases were reported for South Korea, Japan, Mexico and Egypt. Exports of 852,100 were down 1 percent from the previous week and 2 percent from the prior four-week average. The destinations were primarily to South Korea, Peru, Mexico, Japan and Colombia.
Grain sorghum cash prices were lower at the close of last week, dropping 2 cents to close at $6.05 per cwt. Exports of 311,200 MT — a marketing year high — were up noticeably from the previous week and up 73 percent from the prior four-week average. The destination was China.
Milk prices were lower at the close of last week, with February Class III milk futures losing 7 cents to end the week at $13.42 per cwt.
This week’s U.S. Drought Monitor for Texas showed abnormally dry conditions for the state, with 88.10 percent of Texas still in some stage of drought intensity, down 1.64 percentage points from last week. On the national level, drought conditions slightly improved, with 59.29 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.21 percentage points from last week.
| Week Ending | Previous | Previous | ||
| Texas Cash Markets: | Feb. 24, 2018 | Week | Year | |
| Feeder Steers | $/cwt | 147.29 | 144.99 | 123.96 |
| Fed Cattle | $/cwt | 127.92 | 129.82 | 124.00 |
| Slaughter Lambs | $/cwt | 219 | 234.50 | 192.00 |
| Slaughter Goats | $/cwt | 279 | 266 | 272.00 |
| Cotton | ¢/lb. | 75.00 | 72.00 | 72.50 |
| Grain Sorghum | $/cwt | 6.05 | 6.07 | 5.43 |
| Wheat | $/bu. | 4.26 | 4.35 | 3.53 |
| Corn | $/bu. | 3.78 | 3.80 | 3.61 |
| Futures Markets: | ||||
| Feeder Cattle | $/cwt | 146.00 | 149.72 | 121.70 |
| Fed Cattle | $/cwt | 128.00 | 130.10 | 123.75 |
| Cotton | ¢/lb. | 81.45 | 75.72 | 75.42 |
| Wheat | $/bu. | 4.69 | 4.79 | 4.54 |
| Corn | $/bu. | 3.66 | 3.68 | 3.64 |
| Lumber | $/MBF | 526.80 | 507.80 | 367.50 |
| Class III Milk | $/cwt | 13.42 | 13.49 | 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.