Cattle on Feed up just over 0.5% from last year | Weekly Livestock Market Update
This week, Meghan Grebner and University of Tennessee ag economist Charley Martinez talk about Cattle on Feed being up just over 0.5% from last year, and also what's expected for next week's reports.
Market highlights:
Live fed cattle prices were down $2 compared to a week ago. August live cattle were up $.73 from last week, and August feeder cattle were down $3.05 on the week. Choice box beef was $313.83 at the end of this week, which is down from $322 last week. Cash hogs were $.60 higher this week. August lean hog futures were down $3.12 on the week. Pork cutout values were up around $3.30 this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 584,000 head, down 17,000 on the week and down 42,000 for the year. Hog slaughter was 2.327 million head, up 8,000 from the previous week and up 44,000 on the year. Year-to-date cattle slaughter is down 4.5% relative to last year, and hog slaughter is up 1.1%.
Cattle on Feed:
The July Cattle on Feed report indicated cattle and calves on feed as of July 1, 2024, totaled 11.30 million head, up just over 0.5% compared to a year ago. June placements in feedlots totaled 1.56 million head, which is down 6.8% from a year ago. June marketing’s totaled 1.79 million head down 8.7% from 2023. Placements on feed by weight: under 700 pounds down 6.8%, 700 to 899 pounds down 6.7%, 900 pounds and over down 7.5%. The decreases compared to a year ago were expected as there are fewer cows in the national herd, thus fewer cattle to place and have on feed.
With no July 1 inventory report for the national herd, this Cattle on Feed report provides insight into herd building or lack thereof. Heifers on feed were 4.48 million, which is relatively the same as last year. Indicating that there is no intention of herd rebuilding nationally. Although, there could be some rebuilding in regional pockets around the country depending on drought status.
Next week's reports:
» Cold Storage
» Livestock Slaughter
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