Hog breeding inventory down 2.1% on the year | Weekly Livestock Market Update for 3/29/24
Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown give a weekly recap of the markets and discuss how it can impact farmers’ bottom lines.
Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/
Find more agriculture news here: https://brownfieldagnews.com/
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This week in the markets:
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Live fed cattle prices are $1.40 lower on the week, and feeder cattle prices were $6.00 to $9.00 lower this week. April live cattle were down $2.40 on the week, and April feeder cattle were down $4.70 on the week. Choice box beef was $3.80 lower this week. Cash hogs are up $0.85 this week. April lean hog futures were up $2.15 on the week. Pork cutout values were up $2.10 this week.
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Weekly slaughter:
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At the end of the week, cattle slaughter was 586,000 head, down 12,000 on the week and down 59,000 for the year. Hog slaughter was 2.404 million head, down 128,000 from the previous week and down 80,000 on the year. Year-to-date cattle slaughter is down 5.8% relative to last year, and hog slaughter is up 0.5%
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Cold storage:
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February 2024 Beef ending stocks were 440 million pounds, down 60 million pounds from one year ago. Pork ending stock fell slightly below 460 million pounds, down 60 million pounds from last year.
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Prospective plantings:
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USDA estimates corn planted acreage at 90 million acres, 5% lower than last year, while soybean acreage planted is projected to increase by 3% to 86.5 million acres. The corn acreage estimate fell below the pre-report estimate of 92 million acres.
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Restaurant performance index:
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The February restaurant index increased slightly but did not return to levels seen at the end of 2023. Same-store sales improved in February but remained below 100, suggesting further contraction.
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Hogs and pigs:
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The quarterly hogs and pigs report showed breeding inventory down 2.1% relative to one year ago, above the mid-point of the pre-report estimates. Farrowings in December through February were down 2.6%, coming in below pre-report estimates. Pigs per litter was 104.6% of last year, continuing a trend of stronger pigs per litter.
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Next week's reports:
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➡︎ Jobs report
➡︎ Monthly Trade Data
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