Cattle placements up 6% year-over-year | Weekly Livestock Market Update
This week, Brownfield's Meghan Grebner and ag economist Scott Brown talk livestock slaughter, cold storage numbers, and Cattle on Feed.
Chapters:
0:00 Introduction
0:21 This week in the markets
2:40 Weekly Slaughter
3:35 Livestock Slaughter
11:33 Cold Storage
14:01 Cattle on Feed
17:58 Next week's reports
This week in the markets:
Live fed cattle prices are $3.40 lower on the week, and feeder cattle markets were $6.00 to $11.00 lower this week. October live cattle were down $2.50 on the week, and September feeder cattle were down $0.65 on the week. Choice box beef was $0.60 lower this week. Cash hogs were $2.50 lower this week. October lean hog futures were up $5.55 on the week. Pork cutout values were down $2.76 this week on weakness in hams and bellies.
Weekly Slaughter:
At the end of the week, cattle slaughter was 608,000 head, up 6,000 on the week and down 18,000 for the year. Hog slaughter was 2.503 million head, down 9,000 from the previous week while up 9,000 on the year. Year-to-date cattle slaughter is down 4.2% relative to last year, and hog slaughter is up 1.2%.
Livestock Slaughter:
The July 2024 beef production totaled nearly 2.3 billion pounds, up 8.5% relative to last year. July cattle dressed weights were up nearly 30 pounds relative to July 2023. Beef cow slaughter was down 11.3% in July relative to last year and is down 15% year to date. The July 2024 pork production was up 12.2% relative to last year at nearly 2.3 billion pounds. Stronger hog slaughter, up 11.1% relative to the year-ago level, drove the higher production level.
Cold Storage:
Pork ending stocks in July were 4.3% lower than the same period last year, which was led by lower belly stocks. Total freezer beef at the end of July was down 0.8% compared to the previous year. Total beef, pork, and chicken stocks were down 6.5% relative to July 2023 at 1.6 billion pounds.
Cattle on Feed:
Cattle on Feed on August 1 were at 100.3% of last year, towards the upper end of the pre-report estimate. Cattle placements in July were 105.8% of July 2023 and nearly fell outside of the upper end of the pre-report estimate. Although analysts were expecting higher July placements, this report will be seen as somewhat bearish.
Next week's reports:
» Quarterly Outlook for U.S. Agricultural Trade
» U.S. and Canadian hog Inventory
» Restaurant Performance Index
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