January feeder cattle futures up $4.80 on the week | Weekly Livestock Market Update
In this Weekly Livestock Market Update from Thanksgiving week, Brownfield's Meghan Grebner talks with livestock economist Scott Brown about Cold Storage numbers, Quarterly Trade Outlook, and Restaurant Performance Index.
Chapters:
0:00 Introduction
0:45 This week in the markets
3:55 Weekly Slaughter
4:45 Cold Storage
7:25 Outlook for U.S. Trade
10:18 Restaurant Performance Index
13:35 Next week's reports
This week in the markets:
Live fed cattle prices are $3.60 higher on the week, and feeder cattle markets were untested as many markets were closed for Thanksgiving week. December live cattle were up $1.35 on the week, and January feeder cattle were up $4.80 on the week. Choice box beef was $3.60 higher this week. Cash hogs were $1.10 lower this week. December lean hog futures were up $0.35 on the week. Pork cutout values were $3.45 lower this week on primarily weaker bellies.
Weekly Slaughter:
At the end of the week, cattle slaughter was 528,000 head, down 103,000 on the week and down 112,000 for the year. Hog slaughter was 2.293 million head, down 272,000 from the previous week and down 394,000 on the year. Year-to-date cattle slaughter is down 3.6% relative to last year, and hog slaughter is up 0.9%.
Cold Storage:
Beef stocks in cold storage at the end of October totaled 432 million pounds, down 3.1% from October 2023. In October 2024, pork cold storage stocks were 426 million pounds, down 2.7% from last year. At 16.2 million pounds, belly stocks are down 42% from October 2023.
Outlook for U.S. Trade:
USDA adjusted the net trade level for FY2025 by $-3.0 billion to arrive at a net trade level of $-45.5 billion. USDA increased livestock, poultry, and dairy exports by $0.7 billion for FY2025. The beef export level increased by $0.4 billion, and the pork export level increased by $0.1 billion with this quarter’s update.
Restaurant Performance Index:
The October 2024 Restaurant Performance Index increased by 1.6% relative to the previous month and registered above 100 at 100.4 for the first time in 2024. Same-store sales were up 1.3% in October 2024, which helped drive the current situation index higher. The expectations portion of the index was up 2.2% this month relative to the previous month.
Next week's reports:
» Farm Income
» Jobs Report
» Monthly Trade Data
Connect with Brownfield Ag News:
» Get the latest ag news: https://www.brownfieldagnews.com/
» Subscribe to Brownfield on YouTube: @BrownfieldAgNews
» Follow Brownfield on X (Twitter): https://x.com/brownfield
» Follow Brownfield on Facebook: https://www.facebook.com/BrownfieldAgNews
About Brownfield Ag News:
Brownfield Ag News is your trusted source for reliable agriculture news, market trends, weather updates, and expert interviews. Get comprehensive coverage and stay ahead in the ever-evolving agriculture industry.
#agriculture #news #markets #feedercattle #futurestrading
