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Farm and Ranch News March 13, 2018  RSS feed

TDA Market Recap

AUSTIN – (March 5, 2018) For the week ending March 3, 2018, Texas feeder cattle auctions reported steady to higher prices, ranging from $2 to $5 higher.

Texas Weekly Direct reported sales of steers and heifers sold mostly steady to $2 lower. Trade was fairly active on moderate to good demand. The Chicago Mercantile Exchange (CME) board struggled most of the week, and fat cattle on negotiated cash lost $2 trading at $126.00 per hundredweight (cwt) this week. Fed cattle cash trade varied throughout the week. Trade and demand was moderate on Wednesday, with light trade on light to moderate demand on Thursday. For the week, live cash trades were $2 lower at $126.00 per cwt. Wholesale Beef values were higher than the previous week, with Choice Grade gaining $4.65 to close at $221.18 per cwt and Select Grade gaining $4.04 to end at $214.97 per cwt. For the time period of Feb. 16- 22, exporters reported net sales of 21,900 metric tons (MT) for 2018, which were up noticeably from the previous week and up 38 percent from the prior four-week average. Cotton prices were up, with cash prices rising to close at $76.50 cents per pound and March futures rising to close at $82.50 cents per pound. Net sales of 294.100 running bales (RB) were reported for 2017-2018, which were down 26 percent from the previous week and 20 percent from the prior four-week average. Exports of 12,100 RB were down 43 percent from the previous week and 33 percent from the prior four-week average.

Wheat prices were up at the close of last week, with cash prices rising to close at $4.73 per bushel and March futures closing at $5.24 per bushel.

Corn prices were up at the close of last week, with cash prices closing at $3.94 per bushel and March futures closing at $3.78 per bushel. Net sales of 1,753,000 MT for 2017-2018 were up 13 percent from the previous week and down 2 percent from the prior four-week average. Increases were reported for South Korea, Japan, Mexico and Egypt. Exports of 1,275,700 were up 50 percent from the previous week and 37 percent from the prior four-week average.

Grain sorghum cash prices were higher at the close of last week, gaining 2 cents to close at $6.22 per cwt. Exports of 55,600 MT were down 82 percent from the previous week and 73 percent from the prior four-week average. Milk prices were higher at the close of last week, with February Class III milk futures closing at $14.08 per cwt.

This week’s U.S. Drought Monitor for Texas showed significant improvements to drought for the eastern part of the state; however, 77.25 percent of Texas was still in some stage of drought intensity, down 10.85 percentage points from last week. On the national level, drought conditions slightly declined, with 54.66 percent of the U.S. experiencing abnormal dryness or some degree of drought, up 4.63 percentage points from last week.


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