TDA Market Recap, March 19, 2018

For the week ending March 17, 2018, most Texas feeder cattle auctions reported prices steady to $5.00 lower. Texas Weekly Direct reported prices steady to $5.00 lower. Trade was fairly active on moderate to good demand. Supply consisted of 59 percent steers and 41 percent heifers. Fed cattle cash prices traded $3.00 to $6.00 lower with light to moderate demand. Wholesale Beef values were higher than the previous week, with Choice Grade gaining $0.83 to close at $224.46 per cwt and Select Grade gaining $1.02 to end at $216.88 per cwt.
For March 2- March 8, exporters reported net sales of 20,200 metric tons (MT) for 2018, which were up 3 percent from the previous week and 32 percent from the prior four-week average. Increases were reported for Canada, South Korea, Taiwan, Japan and Mexico. Exports of 15,200 MT were down 4 percent from the previous week and down 2 percent from the prior four-week average. The primary destinations were Japan, South Korea, Hong Kong, Mexico and Taiwan.
Cotton prices were steady, with May futures at 82.85 cents per bushel. Net sales of 321,400 running bales (RB) were reported, which were down 16 percent from the previous week and down 11 percent from the prior four-week average. Increases were reported for India, Indonesia, Brazil, Vietnam and China. Exports of 25,500 RB were down 6 percent from the previous week but up 30 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 26 cents to close at $4.99 per bushel. Net sales totaled 162,800 MT for delivery in the 2017-2018 marketing year, which were down 58 percent from the previous week and down 47 percent from the prior four-week average.  Increases were for the Philippines, Mexico and Nigeria. Exports of 414,400 MT were down 21 percent from the previous week but up 14 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 down one cent to close at $3.82 per bushel. Net sales of 2,505,100 MT for 2017-2018 were up 35 percent from the previous week and up 41 percent from the prior four-week average. Increases were reported for South Korea, Taiwan and Mexico. Exports of 1,406,300 MT were up 31 percent from the previous week and up 40 percent from the prior four-week average. The destinations were primarily to China, India, Peru and Vietnam.
Grain sorghum cash prices were lower at the close of last week, losing 9 cents to close at $6.07 per cwt. Exports of 186,000 MT were down 42 percent from the previous week and down 9 percent from the 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 the week at $14.29 per cwt.
This week’s U.S. Drought Monitor for Texas showed moderate drought conditions for the state, with 74.17 percent of Texas still in some stage of drought intensity, down 0.93 percentage points from last week. On the national level, drought conditions worsened, with 52.17 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 0.34 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.