TDA Market Recap for April 11, 2018

For the week ending April 7, 2018, most Texas feeder cattle auctions reported mixed prices. Texas Weekly Direct reported prices steady to $1.00 lower. Trade activity and demand were moderate. Feeder cattle futures tried to regain footing as the board rallied mid-week. Supply consisted of 62 percent steers and 38 percent heifers. Wholesale Beef values were lower when compared to the previous week, with Choice Grade dropping $4.31 to close at $217.41 per cwt and Select Grade losing $4.36 to end at $207.58 per cwt.
For the time period of March 23 – March 29, exporters reported net sales of 15,800 metric tons (MT) for 2018, which were down 33 percent from the previous week and 9 percent the prior four-week average. Increases were reported for Japan, South Korea, Hong Kong, Mexico and Canada. Exports of 15,500 MT were steady when compared to the previous week but down 2 percent from the prior four-week average. The primary destinations were Japan, South Korea, Hong Kong and Mexico.
Cotton prices were down at the close of last week, with May futures at 82.54 cents per bushel. Net sales of 367,600 running bales (RB) were reported, which were up 21 percent from the previous week and 9 percent from the prior four-week average. Increases were reported for Vietnam, Pakistan, Indonesia, Turkey and Brazil. Exports of 43,800 RB were up 3 percent from the previous week but unchanged from the prior four-week average. The primary destinations were China, Pakistan, Indonesia, Turkey and Vietnam.
Wheat prices were up at the close of last week, with May futures closing at $5.07 per bushel. Net sales totaled 109,000 MT for delivery in 2018, which were down 69 percent from the previous week and 63 percent from the prior four-week average. Increases were reported for Thailand, Chile, Jamaica, Mexico, Singapore and the United Kingdom. Exports of 428,100 MT were up 30 percent from the previous week and 14 percent from the prior four-week average. The primary destinations were Iraq, Mexico, Japan, Chile and Guatemala.
Corn prices were down at the close of last week, with May futures closing at $3.88 per bushel. Net sales of 898,300 MT for 2018 were down 34 percent from the previous week and 50 percent from the prior four-week average. Increases were reported South Korea, Mexico, Taiwan, Japan and Saudi Arabia. Exports of 1,265,700 MT were down 7 percent from the previous week and 3 percent from the prior four-week average. The destinations were primarily to South Korea, Japan, Mexico, Spain and Taiwan.
Grain sorghum cash prices were down at the close of last week, losing 5 cents to close at $6.29 per cwt. Exports of 173,100 MT were down 18 percent from the previous week and 28 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 $14.41 per cwt.
This week’s U.S. Drought Monitor for Texas showed moderate improvement of the widespread drought conditions for the state, with 67.71 percent of Texas still in some stage of drought intensity, down 7 percent from last week. On the national level, drought conditions improved slightly, with 48 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 2 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.