TDA Market Recap, March 13, 2018

For the week ending March 10, 2017, most Texas feeder cattle auctions reported prices steady to $2.00 lower. Texas Weekly Direct reported trade activity and demand as moderate, with prices from steady to $3 lower. Fed cattle cash prices traded $1 to $1.50 lower at $121.50 – $122.00 per cwt. Wholesale Beef values were higher than the previous week, with Choice Grade gaining $9.95 to close at $209.51 per cwt and Select Grade gaining $14.44 to end at $202.32 per cwt.
For the time period of Feb. 28- March 6, exporters reported net sales of 19,700 metric tons (MT) for 2017, which were down 10 percent from the previous week and 17 percent from the prior four-week average. Increases were reported for Canada, Hong Kong, Japan and Mexico. Exports of 15,800 MT were up 1 percent from the previous week and from the prior four-week average. The primary destinations were Japan, South Korea and Hong Kong.
Cotton prices were mixed, with May futures steady at 83.28 cents per bushel. Net sales of 383,900 running bales (RB) were reported, which were up 31 percent from the previous week and up 5 percent from the prior four-week average. Increases were reported for India, Vietnam and Turkey. Exports of 27,100 RB were up noticeably from the previous week and up 50 percent from the prior four-week average. The primary destinations were China, India and Vietnam.
Wheat prices were down at the close of last week, with March futures dropping 12 cents to close at $5.21 per bushel. Net sales totaled 391,500 MT for delivery in the 2017-2018 marketing year and were up noticeably from the previous week and up 28 percent from the prior four-week average. Increases were reported for the Philippines, Mexico and Nigeria. Exports of 361,400 MT were up 9 percent from the previous week but down 15 percent from the prior four-week average. The primary destinations were Mexico, Thailand and Taiwan.
Corn prices were down at the close of last week, with March futures losing 3 cents to close at $3.83 per bushel. Net sales of 1,857,600 MT for 2017-2018 were up 8 percent from the previous week and up 6 percent from the prior four-week average. Increases were reported for South Korea, Taiwan and Mexico. Exports of 1,076,800 MT were down 13 percent from the previous week but up 10 percent from the prior four-week average. The destinations were primarily to Mexico, Japan and South Korea.
Grain sorghum cash prices were lower at the close of last week, losing 1 cent to close at $5.75 per cwt. Exports of 421,700 MT were up noticeably from the previous week and prior four-week average. The primary destination was China.
Milk prices were up at the close of last week, with January Class III milk futures closing to end the week at $14.20 per cwt.
This week’s U.S. Drought Monitor for Texas showed moderate drought conditions for the state, with 74.24 percent of Texas still in some stage of drought intensity, down 3.01 percentage points from last week. On the national level, drought conditions improved, with 53.47 percent of the U.S. experiencing abnormal dryness or some degree of drought, down 1.25 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.