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TDA Market Recap, Jan. 29, 2018

For the week ending Jan. 27, 2018, Texas feeder cattle auctions reported mostly steady to higher prices, with prices ranging from $2 to $15 higher per hundredweight (cwt). Texas Weekly Direct reported trade activity as active with very good demand and prices steady to $4 higher. Fed cattle cash prices traded $3 higher at $123.00 per cwt. Wholesale Beef values were higher than the previous week, with Choice Grade gaining $1.97 to close at $206.83 per cwt and Select Grade gaining $1.67 cents to end at $201.83 per cwt.
For the time period of Jan. 12 – 18, exporters reported net sales of 28,100 metric tons (MT) for 2018. Increases were reported for Japan, South Korea, Hong Kong, Mexico and Taiwan. Exports of 17,300 MT were reported for 2018. The primary destinations were to Japan, South Korea, Hong Kong, Mexico and Canada.
Cotton prices were down, with cash prices losing 0.75 cents to close at 77.00 cents per pound and March futures falling 2.94 cents to end at 80.48 cents per bushel. Net sales of 67,700 running bales (RB) were reported for 2017-2018, down 75 percent from the previous week and 70 percent from the prior four-week average. Increases were reported for Vietnam, Indonesia, South Korea, Turkey and Thailand. Exports of 16,800 RB were up 29 percent from the previous week and 29 percent from the prior four-week average. The primary destinations were to China, India, Vietnam and Pakistan.
Wheat prices up at the close of last week, with cash prices gaining 15 cents to close at $4.00 per bushel and March futures also gaining 15 cents to close at $4.43 per bushel. Net sales totaled 427,200 MT for delivery in the 2017-2018 marketing year were up noticeably from the previous week and from the prior four-week average. Increases were for Mexico, Japan, the Philippines and Morocco. Exports of 376,800 MT were down 11 percent from the previous week but up 4 percent from the prior four-week average. The primary destinations were to the Philippines, South Korea, Mexico, Iraq and Taiwan.
Corn prices were up at the close of last week, with cash prices gaining 4 cents to close at $3.69 per bushel and March futures gaining 4 cents to close at $3.57 per bushel. Net sales of 1,445,900 MT for 2017-2018 were down 22 percent from the previous week but up 59 percent from the prior four-week average.  Increases were reported for South Korea, Japan, Guatemala, Mexico and Venezuela. Exports of 599,000 MT were down 3 percent from the previous week and 11 percent from the prior four-week average. The destinations were primarily to Mexico, Japan, Colombia, Peru and Costa Rica.
Grain sorghum cash prices were higher at the close of last week, gaining 9 cents to close at $5.88 per cwt. Net sales of 166,000 MT for 2017-2018 were down 12 percent from the previous week and 11 percent from the prior four-week average. Increases were reported for China and Japan. Exports of 218,100 MT were up noticeably from the previous week and the prior four-week average. The destinations were to China and Mexico.
Milk prices were higher at the close of last week, with January Class III milk futures gaining 3 cents to end the week at $13.91 per cwt.
This week’s U.S. Drought Monitor for Texas showed abnormally dry conditions for the state, with 85.5 percent of Texas still in some stage of drought intensity, up 6.31 percentage points from last week. On the national level, drought conditions worsened, with 62.45 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 1.52 percentage points from last week.

Week Ending

Previous

Previous

Texas Cash Markets:

Jan. 27, 2018

         Week

           Year

Feeder Steers $/cwt

146.20

141.05

n/a

Fed Cattle $/cwt

126.98

122.93

n/a

Slaughter Lambs $/cwt

244

225

n/a

Slaughter Goats $/cwt

284

291

n/a

Cotton ¢/lb.

77.00

77.75

n/a

Grain Sorghum $/cwt

5.88

5.79

n/a

Wheat $/bu.

4.00

3.85

n/a

Corn $/bu.

3.69

3.65

n/a

Futures Markets:

Feeder Cattle $/cwt

146.72

147.95

n/a

Fed Cattle $/cwt

124.60

121.90

n/a

Cotton ¢/lb.

80.48

83.42

n/a

Wheat $/bu.

4.43

4.28

n/a

Corn $/bu.

3.57

3.53

n/a

Lumber $/MBF

487.30

480.00

n/a

Class III Milk $/cwt

13.91

13.88

n/a

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.

Written by:
kristin
Published on:
January 30, 2018

Categories: General, The Cattleman Now

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