Fed cattle prices see slight decline this week | Weekly Livestock Market Update
This week, Meghan Grebner and ag economist Scott Brown talk about the slight decline in fed cattle prices. They also look at Weekly Slaughter, Monthly Trade Data, and the most recent Jobs Report.
Chapters:
0:00 Introduction
0:15 This week in the markets
2:15 Weekly Slaughter
3:15 Monthly Trade Data
7:37 Jobs Report
8:35 Next week's reports
This week in the markets:
Live fed cattle prices are $0.50 lower on the week with only a light volume, and feeder cattle markets were mostly closed due to the July 4th holiday week. August live cattle were up $1.05 on the week, and August feeder cattle were up $2.25 on the week. Choice box beef was $6.25 higher this week. Cash hogs were $0.20 higher this week. August lean hog futures were down $0.45 on the week. Pork cutout values were down $1.70 this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 517,000 head, down 92,000 on the week and down 19,000 for the year. Hog slaughter was 2.045 million head, down 376,000 from the previous week while up 91,000 on the year. Year-to-date cattle slaughter is down 4.5% relative to last year, and hog slaughter is up 1.1%.
Monthly Trade Data:
In May 2024, beef exports totaled 259 million pounds, down 2.9% compared to one year ago. Year-to-date beef exports are down 4.9% compared to the same period in 2023. Beef imports were 242 million pounds in May, up 10% relative to last May. In May 2024, pork exports were 585 million pounds, down 5.7% compared to last year. North America and Asia destinations were down relative to last year. Year-to-date pork exports are up 6% relative to the same period last year.
Jobs Report:
There were 209,000 jobs added in June, according to the Bureau of Labor Statistics. That was is slightly above the pre-report estimate of 195,000 jobs. Unemployment moved up to 4.1%. Average hourly earnings moved up $0.1, slowing the yearly increase to 3.9%, the lowest increase since mid-2021.
Next week's reports:
» Retail Prices
» WASDE
» Consumer Sentiment
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