TDA Market Recap, March 20, 2017

Source: Texas Department of Agriculture
For the week ending March 17, 2017, Texas feeder cattle auctions reported prices steady to $9 higher. Texas Weekly Direct reported prices $1 to $6 higher. Wholesale Beef values were higher, with Choice Grade gaining $2.88 to close at $223.43 per hundredweight (cwt) and Select Grade gaining $2.15 to close at $214.48 per cwt.
For the time period of March 6-12, the USDA NASS Field Office reported that cattle conditions were rated mostly good to fair. Some producers in North and Southeast Texas reported cattle slowing down on hay consumption. Major wildfires were reported in areas of the Northern High and Low Plains. Pasture conditions were rated mostly fair to good across the rest of the state.
For the time period of March 3-9, exporters reported net sales of 16,100 metric tons reported for 2017, which were down 4 percent from the previous week but up 15 percent from the prior four-week average. Increases were reported primarily for Japan, South Korea and Canada. Exports totaled 13,500 MT, which were down 3 percent from the previous week and 2 percent from the prior four-week average. The primary destinations were Japan, South Korea and Mexico.
Cotton prices were higher at the end of last week, with cash prices gaining 1.00 cents to close at 76.50 cents per pound and May futures gaining 1.49 cents to close at 78.36 cents per pound. The USDA NASS Field Office reported that cotton was being planted in the Coastal Bend, South Texas and Lower Valley. Net upland sales totaled 316,500 running bales (RB) for 2016-2017, and were up 27 percent from the previous week but down 4 percent from the prior four-week average. Increases were reported primarily for Vietnam, Turkey and India. Exports totaled 337,900 RB and were down 36 percent from the previous week and 12 percent from the prior four-week average. The primary destinations were China, Vietnam and Pakistan.
Wheat prices were higher at the end of last week, with cash prices gaining 11 cents to close at $3.64 per bushel and May futures gaining 21 cents to close at $4.54 per bushel. The USDA NASS Field Office reported that the Winter Wheat condition was rated 75 percent fair to good. Some producers in the Northern and Southern High Plains reported that their wheat fields where jointing. Wheat in South Texas was reportedly entering the heading stage. Net sales totaled 264,400 MT, which were down 33 percent from the previous week and 38 percent from the prior four-week average. Increases were reported primarily for Mexico, China and Indonesia. Exports totaled 619,300 MT, which were up 38 percent from the previous week and 28 percent and from the prior four-week average. The destinations were primarily Mexico, Indonesia and China.
Corn prices were higher at the end of last week, with cash prices gaining 7 cents to close at $3.61 per bushel and May futures gaining 13 cents to close at $3.68 per bushel. The USDA NASS Field Office reported that corn was being planted in Blacklands. Rains delayed the planting of corn in the eastern parts of the state. Some of the corn planted in South Central Texas and the Coastal Bend had emerged. Net sales totaled 1,255,400 MT, which were up 69 percent from the previous week and 70 percent from the prior four-week average. Increases were primarily for Mexico, Japan and Colombia. Exports totaled 1,580,400 MT — a marketing-year high — and were up 9 percent from the previous week and 17 percent from the prior four-week average. The primary destinations were Japan, Colombia and Mexico.
Grain sorghum cash prices were higher at the end of last week, gaining 12 cents to close at $5.45 per cwt. The USDA NASS Field Office reported that some of the sorghum planted in South Central Texas and the Coastal Bend had emerged. Sorghum planting was underway in the Lower Valley. Net sales totaled 16,000 MT, which were down 86 percent from the previous week and 82 percent from the prior four-week average. Increases were for China, Japan and Mexico. Exports totaled 133,400 MT, and were up noticeably from the previous week and up 10 percent from the prior four-week average. The destinations were China, Japan and Mexico.
Milk prices were higher at the end of last week, with April Class III milk futures gaining a nickel to close at $15.73 per cwt.
This week’s U.S. Drought Monitor for Texas showed declining drought conditions for the state, with 34.88 percent of Texas still in some stage of drought intensity, up 5.8 percentage points from last week. On the national level, drought conditions improved slightly, with 31.86 percent of the U.S. experiencing abnormal dryness or some degree of drought.

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.