USDA lowers 2025 beef production, Cattle on Feed report preview | Weekly Livestock Market Update
In this video, Meghan and Josh talk supply and demand and preview cattle on feed numbers.
Market highlights:
Live steer prices averaged $237.50/cwt for the 5-market average which was up $0.88 from a week ago and up $45 per cwt from a year ago. The June live cattle futures contract was down $1.35 from a week ago to $224.95/cwt, and the August feeder cattle futures price was up $10.13 per cwt on the week to $305.98. Choice box beef was at $373.67 at the end of this week, which is up $7.97 from last week. Cash hogs were up $3.13 to $98.77/cwt. February lean hog futures were up $6.72 to $109.35/cwt on the week. The pork cutout value was up $5.54 from a week ago, to $113.36/cwt this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 558,000 head, down 24,000 head from last week, and down 57,000 head from the same week last year. Hog slaughter was 2.39 million head, up 32,000 from the previous week and up 5,000 head compared to year ago.
Supply and Demand:
There were not many changes for corn in the latest supply and demand estimates. The season average farm price remained at $4.20 per bushel which would suggest favorable feed prices for livestock producers.
Projected beef production for 2025 was lowered based on reduced steer and heifer slaughter and lower beef cow slaughter too. Projected pork production was unchanged. Chicken production was increased as recent hatchery data was more encouraging for supplies. Egg production was lowered based on recent lower numbers of layer chickens and new cases of HPAI.
Both beef exports and import projections were raised. 2025 annual cattle and hog price forecasts were both raised based on recent strength in the markets.
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