August feeder cattle futures jump $7 on the week | Weekly Livestock Market Update
On this week's episode of Weekly Livestock Market Update, Brownfield's Meghan Grebner and ag economist Scott Brown talk August feeder cattle futures jumping $7 on the week, and more.
This week in the markets:
Live fed cattle prices are $2.75 higher on the week, and feeder cattle prices are steady to $4 higher this week. August live cattle were up $5.70 on the week, and August feeder cattle were up $7.00 on the week. Choice box beef was $2.25 higher this week. Cash hogs were $0.60 lower this week. July lean hog futures were up $0.40 on the week. Pork cutout values were down $0.55 this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 615,000 head, up 1,000 on the week while down 21,000 for the year. Hog slaughter was 2.390 million head, down 32,000 from the previous week while up 64,000 on the year. Year-to-date cattle slaughter is down 4.4% relative to last year, and hog slaughter is up 0.9%.
Consumer Sentiment:
The June consumer sentiment index fell 5.1% this month relative to May. Concerns about high prices for consumer goods topped the list of reasons for a lower index this month.
Retail Prices:
The May 2024 retail beef price was $8.11 per pound, down $0.04 from last month. The May 2024 pork retail price rose $0.11 per pound this month to $4.92 per pound.
WASDE:
There were small changes to the livestock forecast in the June WASDE report. The bigger changes were a 100 million pound increase in 2024 pork exports this month and a 245 million pound increase in 2025 beef production.
Next week's reports:
» Livestock Slaughter
» Cattle on Feed
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