Hog inventory up 1%, corn planted acreage larger than expected | Weekly Livestock Market Update
In this video, Brownfield’s Brent Barnett and ag economist Scott Brown talk hog inventory being up 1%. They also recap the USDA’s June Acreage Report that came out on Friday.
Chapters:
0:00 Introduction
0:29 This week in the markets
1:43 Weekly Slaughter
4:18 Cold Storage
6:00 Hogs and Pigs
9:06 June Acreage
11:12 Next week's reports
This week in the markets:
Live fed cattle prices are $0.90 lower on the week with only a light volume, while feeder cattle prices are steady to $3 higher this week. August live cattle were up $2.00 on the week, and August feeder cattle were up $1.00 on the week. Choice box beef was $2.20 higher this week. Cash hogs were $1.10 lower this week. July lean hog futures were down $2.30 on the week. Pork cutout values were down $1.60 this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 609,000 head, down 11,000 on the week while down 42,000 for the year. Hog slaughter was 2.421 million head, up 2,000 from the previous week and up 91,000 on the year. Year-to-date cattle slaughter is down 4.5% relative to last year, and hog slaughter is up 1.0%.
Cold Storage:
In May 2024, beef ending stocks were down 0.5% relative to one year ago at 424 million pounds. May pork ending stocks were down 9.4% relative to last year at 482 million pounds.
Hogs and Pigs:
The June 1 hog breeding inventory was 96.8% of last year, slightly below the low end of the pre-report estimates. Pigs per litter was 101.8% of last year. The breeding herd has been steady at nearly 6 million head, and pigs per litter continues to grow, although the growth rate is slowing. Iowa, Texas, and Missouri showed the largest declines in breeding inventory over the last year.
June Acreage:
USDA's Acreage report surprised analysts with corn acreage increasing to 91.475 million acres, outside the upper end of the pre-report estimates. Soybean acreage at 861 million acres was at the low end of the pre-report estimates.
Next week's reports:
» Jobs Report
» Monthly Trade Data
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