July Supply and Demand increases beef, pork production forecasts | Weekly Livestock Market Update
This week, Brent Barnett and ag economist Scott Brown talk about the USDA’s July Supply and Demand data, June retail prices, and consumer sentiment.
Chapters:
0:00 Introduction
0:36 This week in the markets
5:18 Weekly Slaughter
6:38 Retail Prices
7:30 WASDE
11:38 Consumer Sentiment
12:47 Next week's reports
This week in the markets:
Live fed cattle prices are $3.00 lower on the week, and feeder cattle markets were $5 to $10 lower. August live cattle were down $3.75 on the week, and August feeder cattle were down $2.50 on the week. Choice box beef was $5.20 lower this week. Cash hogs were $1.50 lower this week. August lean hog futures were down $0.35 on the week. Pork cutout values were up $1.30 this week on strength in hams and bellies.
Weekly Slaughter:
At the end of the week, cattle slaughter was 601,000 head, up 79,000 on the week and down 32,000 for the year. Hog slaughter was 2.386 million head, up 352,000 from the previous week and up 48,000 on the year. Year-to-date cattle slaughter is down 4.5% relative to last year, and hog slaughter is up 1.1%.
Retail Prices:
In June 2024, the choice beef retail price was $8.12 per pound, up only slightly from May. Ground beef was 1.9% higher this month than in May, while beef steaks were 0.9% lower this month. The June 2024 pork retail price was $4.88 per pound, down 0.8% relative to May.
WASDE:
USDA's monthly report continues to increase 2024 and 2025 beef production levels relative to previous forecasts. USDA also increased its forecast for 2025 pork production by 150 million pounds. The projection for 2025 cattle prices was raised by $2 this month and is expected to average $191 in 2025. The 2024/25 corn price was lowered by $0.10 per bushel in this month's report.
Consumer Sentiment:
The July Consumer Sentiment index fell 3.2% relative to June. Consumers continue to worry about higher prices and inflation even though inflation is moderating. The index is 7.7% below the level found in July 2023.
Next week's reports:
» Cattle on Feed
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