Live and feeder cattle futures higher for the week | Weekly Livestock Market Update
In this week's video, Brownfield's Meghan Grebner and ag economist Scott Brown talk Quarterly Trade Outlook, U.S. and Canadian Hogs, and Restaurant Performance Index.
Chapters:
0:00 Introduction
0:23 This week in the markets
2:48 Weekly Slaughter
4:10 U.S. Quarterly Trade Outlook
9:30 U.S. and Canadian Hogs
11:28 Restaurant Performance Index
16:38 Next week's reports
This week in the markets:
Live fed cattle prices are $1.80 lower on the week, while feeder cattle markets were $5.00 to $10.00 higher this week. October live cattle were up $3.10 on the week, and November feeder cattle were up $2.05 on the week. Choice box beef was $5.20 lower this week. Cash hogs were $1.15 lower this week. October lean hog futures were up $1.70 on the week. Pork cutout values were down $1.05 this week on weakness in bellies.
Weekly Slaughter:
At the end of the week, cattle slaughter was 611,000 head, up 3,000 on the week and down 20,000 for the year. Hog slaughter was 2.429 million head, down 74,000 from the previous week while up 42,000 on the year. Year-to-date cattle slaughter is down 4.2% relative to last year, and hog slaughter is up 1.3%.
U.S. Quarterly Trade Outlook:
U.S. agricultural exports are expected to decline by $4 billion in fiscal year 2025. Due to tight beef supplies and higher prices, beef export value is expected to decrease by $1.0 billion in FY2025. All agricultural products' current net trade forecast shows the U.S. a net importer of 42.5 billion in FY2025.
U.S. and Canadian Hogs:
The Canadian hog inventory tended to show similar changes to those that have unfolded in the U.S. The Canadian breeding inventory was down 0.9%, yet the market hog inventory was 1.5% higher. The U.S. breeding inventory was 3.2% lower, while the market hog inventory grew by 1.3%.
Restaurant Performance Index:
The Restaurant Performance Index fell by 1.3% in July 2024 relative to June. The current situation portion of the index was down the most this month as weak customer traffic and low same-store sales occurred in July.
Next week's reports:
» Farm Income
» Monthly Trade Data
» Jobs Report
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