Feeder cattle markets $1 to $3 higher | Weekly Livestock Market Update
In this episode of Weekly Livestock Market Update, Brownfield's Meghan Grebner and livestock economist Scott Brown talk about Monthly Trade Data, Retail Prices, Consumer Sentiment, Supply and Demands numbers and more.
This week in the markets:
Live fed cattle prices are $0.20 higher on the week, and feeder cattle markets were $1.00 to $3.00 higher this week. December live cattle were up $0.40 on the week, and November feeder cattle were unchanged on the week. Choice box beef was $8.30 higher this week. Cash hogs were $0.35 lower this week. December lean hog futures were up $1.25 on the week. Pork cutout values were unchanged this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 586,000 head, down 25,000 on the week and down 30,000 for the year. Hog slaughter was 2.584 million head, down 2,000 from the previous week and down 24,000 on the year. Year-to-date cattle slaughter is down 3.8% relative to last year, and hog slaughter is up 1.1%.
Monthly Trade:
August 2024 beef exports totaled 238 million pounds, down 22 million pounds from last year. Year-to-date beef exports are 3.6% below the year-ago level. Beef imports increased 87 million pounds in August 2024, relative to one year ago, and are 524 million pounds above last year on a year-to-date basis. August 2024, pork exports grew by 33 million pounds relative to last year at 560 million pounds. Mexico was important to the growth in U.S. pork exports this month.
Retail Prices:
The September 2024 choice beef retail price was $8.41 per pound, 2.8% above the year-ago level, while the pork retail price was $4.62 per pound, down 0.4% relative to one year ago. Although beef and pork retail prices are much higher than long-run averages, growth has slowed in 2024.
Consumer Sentiment:
The October 2024 Consumer Sentiment data showed a 1.7% decline relative to September as consumers worry about high prices for many goods. The index is 8% higher than the level experienced one year ago.
WASDE:
USDA continued to increase 2024 beef production this month. The 205-million-pound increase in this month’s report would make 2024 beef production higher than the 2023 level. This is a much different outcome than expected in early 2024. USDA also increased 2025 beef production by 300 million pounds this month. Fed steer prices were increased by $1 for 2024 and 2025 this month.
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