September feeder cattle futures drop $11.60 on the week | Weekly Livestock Market Update
In this Weekly Livestock Market Update, Brownfield's Meghan Grebner and University of Missouri ag economist Scott Brown provide insight on Restaurant Performance, land values, jobs data and more.
This week in the markets:
Live fed cattle prices are $0.50 lower on the week, and feeder cattle markets were uneven this week from down $4.00 to up $4.00. October live cattle were down $6.60 on the week, and September feeder cattle were down $11.60 on the week. Choice box beef was $1.00 higher this week. Cash hogs were $1.35 higher this week. October lean hog futures were down $1.60 on the week. Pork cutout values were up $0.70 this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 593,000 head, down 7,000 on the week and down 22,000 for the year. Hog slaughter was 2.455 million head, up 19,000 from the previous week and up 107,000 on the year. Year-to-date cattle slaughter is down 4.4% relative to last year, and hog slaughter is up 1.2%.
Restaurant Performance Index:
For the 7th consecutive month, the Restaurant Performance index has remained below 100 and in contraction. Customer traffic stood at 95.6 in the June 2024 data and has been important to the current situation index, with this portion of the index below 100 for nine consecutive months.
Land Values:
USDA showed 2024 land values generally continue to move higher relative to last year. U.S. cropland values rose 4.7% in 2024 relative to 2023. All regions of the country experienced increased cropland values, with the southeast region up the most, at a 7.2% annual increase. U.S. pastureland values were up 5.2%, U.S. cropland has risen by 37.2% since 2020, and U.S. pastureland is 30.7% higher over the same period.
Jobs Report:
There were 114,000 jobs added in July, according to the Bureau of Labor Statistics. That was well below the pre-report estimate of 185,000 jobs. The unemployment rate moved up to 4.3%. Average hourly earnings over the past twelve months were up 3.6%.
Next week's reports:
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