USDA raises latest 2023 farm income estimate, but still down from 2022 levels | Weekly Livestock Market Update for 12/1/23
Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown give a weekly recap of the markets and discuss how it can impact farmers’ bottom lines.
This week in the markets – Live fed cattle prices are $2.40 lower on the week, while feeder cattle prices were largely untested due to the Thanksgiving holiday. February live cattle were down $2.20 on the week, and January feeder cattle were down $5.30 on the week. Choice box beef was up $1.15 this week. Cash hogs are down $1.70 this week. February lean hog futures were up $0.90 on the week. Pork cutout values were virtually unchanged this week.
Weekly Slaughter Numbers – At the end of the week, cattle slaughter was 635,000 head, up 97,000 on the week but down 25,000 for the year. Hog slaughter was 2.704 million head, up 479,000 from the previous week and up 121,000 on the year. Year-to-date cattle slaughter is down 4.7%, while hog slaughter is up 1.6%.
Farm Income – USDA raised their 2023 farm income estimate by about $10 billion relative to their August estimate. This estimate remains more than $20 billion below the 2022 level. Livestock cash receipts are expected to decline by $13 billion in 2023 relative to 2022, despite an increase of more than $14 billion in cattle and calf receipts.
Restaurant Performance Index - Decline for the third month in October -- due to a lower situation index. Customer traffic fell three points in October relative to September.
Quarterly Ag Trade Outlook – U.S. agricultural exports in FY24 have been lowered by $2.5 billion relative to the August forecast. FY24 livestock export value is estimated at $36.3 billion, a decline of $5.5 billion from the record FY22 level.
Next week's reports – Monthly Trade Data, Jobs Report and WASDE
Learn more about what's happening in the markets: https://brownfieldagnews.com/ag-markets/
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