Live and feeder cattle futures higher for the week | Weekly Livestock Market Update
Brownfield's Meghan Grebner and livestock economist Scott Brown talks Cold Storage and the USDA's Quarterly Hog Inventory reports.
Chapters:
0:00 Introduction
0:20 This week in the markets
2:11 Weekly Slaughter
2:58 Cold Storage
5:28 Quarterly Hogs and Pigs
11:00 Next week's reports
This week in the markets:
Live fed cattle prices are $2.10 higher on the week, and feeder cattle markets were steady to $2.00 higher this week. October live cattle were up $1.25 on the week, and October feeder cattle were up $3.45 on the week. Choice box beef was $2.90 lower this week. Cash hogs were $0.40 lower this week. October lean hog futures were down $0.25 on the week. Pork cutout values were unchanged this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 612,000 head, up 2,000 on the week and unchanged for the year. Hog slaughter was 2.569 million head, up 63,000 from the previous week while down 48,000 on the year. Year-to-date cattle slaughter is down 3.9% relative to last year, and hog slaughter is up 1.2%.
Cold Storage:
August 2024 beef ending stocks were 395 million pounds, virtually unchanged relative to last year. These stock levels are 16% below the 2018 to 2022 average. Pork ending stocks for August 2024 were down 3.3% relative to last year at 454 million pounds. Pork belly stocks were down 30% relative to the previous year in August.
Quarterly Hogs and Pigs:
The hogs and pigs report came close to pre-report estimates for total market and breeding hog inventories. Breeding inventory was 97.8% of one year ago, and the market hog inventory was 100.7% of last year's level. The most significant deviation out of the report was larger than expected inventories of market hogs in the 120 to 179-pound category and the greater than 180-pound category.
Next week's reports:
» Restaurant Performance Index
» Jobs Report
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