TDA Market Recap for March 27, 2018

For the week ending March 24, 2018, most Texas feeder cattle auctions reported prices steady to $3.00 lower. Texas Weekly Direct reported prices $2.00 to $5.00 lower. Trade was fairly active on good demand. Supply consisted of 57 percent steers and 43 percent heifers. Fed cattle cash prices traded $2.00 to $5.00 lower with light to moderate demand. Wholesale Beef values were varied when compared to the previous week, with Choice Grade losing $0.28 to close at $224.18 per cwt and Select Grade gaining $0.09 to end at $216.97 per cwt.
For the time period of March 9 – 15, exporters reported net sales of 6,000 metric tons (MT) for 2018, which were down 70 percent from the previous week and 66 percent from the prior four-week average. Increases were reported for Canada, South Korea, Taiwan, Japan and Mexico. Exports of 16,700 MT were up 10 percent from the previous week and 4 percent from the prior four-week average. The primary destinations were Japan, South Korea, Hong Kong, Mexico and Taiwan.
Cotton prices were down, with May futures at 82.02 cents per bushel. Net sales of 338,400 running bales (RB) were reported, which were up 5 percent from the previous week but down 3 percent from the prior four-week average. Increases were reported for India, Indonesia, Brazil, Vietnam and China. Exports of 19,700 RB were down 23 percent from the previous week and 9 percent from the prior four-week average. The primary destinations were China, India, Austria, and Vietnam.
Wheat prices were down at the close of last week, with March futures closing at $4.64 per bushel. Net sales totaled 265,200 MT for delivery in the 2017-2018 marketing year, which were up 63 percent from the previous week but down 1 percent from the prior four-week average. Increases were for the Philippines, Panama, Mexico and Nigeria. Exports of 472,800 MT were up 41 percent from the previous week and 31 percent from the prior four-week average. The primary destinations were Morocco, Mexico, Nigeria, Thailand and Taiwan.
Corn prices were steady at the close of last week, with March futures closing at $3.74 per bushel. Net sales of 1,470,200 MT for 2017-2018 were down 41 percent from the previous week and 23 percent from the prior four-week average. Increases were reported for South Korea, Taiwan and Mexico. Exports of 1,437,300 MT were down 2 percent from the previous week but up 20 percent from the prior four-week average. The destinations were primarily to Colombia, South Korea, Japan, Mexico, Saudi Arabia and Vietnam.
Grain sorghum cash prices were down at the close of last week, losing 4 cents to close at $6.03 per cwt. Exports of 249,600 MT were up 34 percent from the previous week and 15 percent from the prior four-week average. The primary destinations were China and South Korea.
Milk prices were down at the close of last week, with January Class III milk futures closing the week at $14.22 per cwt.
This week’s U.S. Drought Monitor for Texas showed moderate drought conditions for the state, with 74.50 percent of Texas still in some stage of drought intensity. On the national level, drought conditions worsened, with 50.05 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 2.15 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.