Another sluggish week for cattle | Weekly Livestock Market Update
On this episode of Weekly Livestock Market Update, Meghan Grebner and Scott Brown talk Monthly Trade Data, this month’s Jobs report, and another down week for cattle.
Chapters:
0:00 Introduction
0:25 This week in the markets
2:05 Weekly Slaughter
3:00 Monthly Trade Data
7:35 Jobs Report
9:50 Next week's reports
This week in the markets:
Live fed cattle prices are $2.20 lower on the week, while feeder cattle prices are steady to $3 lower this week. August live cattle were down $1.05 on the week, and August feeder cattle were down $1.60 on the week. Choice box beef was $2.80 higher this week. Cash hogs were $0.25 lower this week. July lean hog futures were down $3.60 on the week. Pork cutout values were down $1.80 this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 614,000 head, up 74,000 on the week while down 3,000 for the year. Hog slaughter was 2.422 million head, up 267,000 from the previous week and up 67,000 on the year. Year-to-date cattle slaughter is down 4.4% relative to last year, and hog slaughter is up 0.8%.
Monthly Trade Data:
April 2024 beef exports totaled 260 million pounds, down 8 million pounds from May 2023. Weakness in South Korean imports drove the lower export level. US April 2024 beef imports are 327 million pounds and stand 22% above year-ago levels year-to-date. Pork exports were 656 million pounds in April 2024, 75 million pounds above the year-ago level. Mexico's imports of US pork were up 57 million pounds and drove a strong increase in US pork exports.
Jobs Report:
The US economy added 272,000 in May 2024, well above the pre-report estimate of 185,000 jobs. The unemployment rate increased to 4.0%. The healthcare, government, and hospitality sectors added the most jobs in May.
Next week's reports:
» Retail Prices
» WASDE
» Consumer Sentiment
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