TDA Market Recap, Jan. 22, 2018

For the week ending Jan. 20, 2018, Texas feeder cattle auctions reported mostly steady to higher prices, with prices ranging from $2 to $10 higher per hundredweight (cwt). Texas Weekly Direct reported trade activity as active with good demand and prices unevenly steady. Fed cattle cash prices traded $3 higher at $123.00 per cwt. Wholesale Beef values were lower than the previous week, with Choice Grade losing $3.37 to close at $204.86 per cwt and Select Grade losing $1.48 cents to end at $200.16 per cwt.
For the time period of Jan. 5-11, exporters reported net sales of 15,000 metric tons (MT) for 2018. Increases were reported for South Korea, Mexico, the Philippines and Taiwan. Exports of 15,100 MT were reported for 2018. The primary destinations were to Japan, South Korea, Hong Kong, Mexico and Taiwan.
Cotton prices were up, with cash prices gaining 0.25 cents to close at 77.75 cents per pound and March futures gaining 1.74 cents to end at 83.42 cents per bushel. Net sales of 275,100 running bales (RB) were reported for 2017-2018, unchanged from the previous week, but up 15 percent from the prior four-week average. Increases were reported for Indonesia, India, Turkey, Vietnam and Mexico. Exports of 13,000 RB were up 53 percent from the previous week but down 4 percent from the prior four-week average. The primary destinations were to China, Pakistan, India and Egypt.
Wheat prices up at the close of last week, with cash prices gaining 7 cents to close at $3.85 per bushel and March futures gaining 2 cents to close at $4.28 per bushel. Net sales totaled 153,100 MT for delivery in the 2017-2018 marketing year were up noticeably from the previous week but down 58 percent from the prior four-week average. Increases were for Japan, Iraq, Mexico and the Philippines. Exports of 422,400 MT were up 47 percent from the previous week and 5 percent from the prior four-week average. The primary destinations were the Philippines, Japan, Mexico, South Korea and Iraq.
Corn prices were up at the close of last week, with cash prices gaining 6 cents to close at $3.65 per bushel and March futures gaining 7 cents to close at $3.53 per bushel. Net sales of 1,888,300 MT for 2017-2018 were up noticeably from the previous week and the prior four-week average. Increases were reported for Japan, Peru, Mexico and Colombia. Exports of 659,700 MT were down 26 percent from the previous week and 5 percent from the prior four-week average. The primary destinations were Mexico, Japan, Colombia and Venezuela.
Grain sorghum cash prices were higher at the close of last week, gaining 11 cents to close at $5.79 per cwt. Net sales of 188,800 MT for 2017-2018 were for China and Japan. Exports of 71,700 MT were up 34 percent from the previous week but down 43 percent from the prior four-week average. The destinations were to China, Japan and Mexico.
Milk prices were higher at the close of last week, with January Class III milk futures gaining 12 cents to end the week at $13.88 per cwt.
This week’s U.S. Drought Monitor for Texas showed abnormally dry conditions for the state, with 79.19 percent of Texas still in some stage of drought intensity, up 6.27 percentage points from last week. On the national level, drought conditions worsened, with 60.93 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 3.13 percentage points from last week.

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 our website, www.TexasAgriculture.gov.