Cattle futures slide again this week | Weekly Livestock Market Update
In this week's video, Brownfield's Meghan Grebner and University of Missouri ag economist Scott Brown dig into all the details of Weekly Slaughter, Retail Prices, Consumer Sentiment, WASDE, and more.
Chapters:
0:00 Introduction
0:20 This week in the markets
4:57 Weekly Slaughter
5:53 Retail Prices
12:11 Consumer Sentiment
14:27 WASDE
18:10 Next week's reports
This week in the markets:
Live fed cattle prices are $1.50 lower on the week, and feeder cattle markets were $3.00 to $5.00 higher this week. October live cattle were down $3.05 on the week, and September feeder cattle were down $2.25 on the week. Choice box beef was $1.90 higher this week. Cash hogs were $1.90 lower this week. October lean hog futures were up $1.10 on the week. Pork cutout values were down $0.80 this week on weakness in hams.
Weekly Slaughter:
At the end of the week, cattle slaughter was 602,000 head, up 11,000 on the week and down 15,000 for the year. Hog slaughter was 2.512 million head, up 129,000 from the previous week and up 81,000 on the year. Year-to-date cattle slaughter is down 4.2% relative to last year, and hog slaughter is up 1.3%.
Retail Prices:
The July 2024 beef retail price was $8.43 per pound, up 3.9% relative to the previous month and 1.5% higher than last year. The July 2024 pork retail price was $4.92 per pound, up $0.04 from June 2024. Food price inflation continues to cool as 2024 unfolds.
Consumer Sentiment:
The preliminary August 2024 consumer sentiment index rose 1.4 points relative to July. Stronger expectations drove the increase in the overall index as the current economic condition portion was lower in July than in June.
WASDE:
The August WASDE report increased 2024 beef, pork, and chicken production by 85 million pounds this month and lowered 2024 pork exports by 125 million pounds. USDA increased the 2024 fed cattle price by $1.25 this month. The 2024/25 projected corn price is projected to be down 9.7% relative to 2023/24, and the soybean meal price is projected to be 17.9% lower over the same period.
Next week's reports:
» Livestock Slaughter
» Cattle on Feed
» Cold Storage
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