USDA raises beef production in latest Supply and Demand | Weekly Livestock Market Update for 3/8/24
Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown talk about the USDA raising beef production in the latest Supply and Demand report.
Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/
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This week in the markets:
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Live fed cattle prices are $1.85 higher on the week, while feeder cattle prices were $3.00 to $6.00 higher this week. April live cattle were down $0.65 on the week, and April feeder cattle were down $4.25 on the week. Choice box beef was $2.70 higher this week. Cash hogs are up $0.65 this week. April lean hog futures were down $3.30 on the week. Pork cutout values were up $0.50 this week.
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Weekly slaughter:
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At the end of the week, cattle slaughter was 583,000 head, down 16,000 on the week and down 48,000 for the year. Hog slaughter was 2.456 million head, down 93,000 from the previous week and down 52,000 on the year.
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Jobs report:
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February jobs totaled 275,000, above the pre-report estimate of 198,000. However, the unemployment rate increased to 3.9%
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Monthly trade data:
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January 2024 beef exports totaled 232.6 million pounds, down 4.1% relative to the year-ago level. Mexico increased U.S. beef by 17.2% in January relative to one year ago. January beef imports increased by 38.1% relative to last year as Brazil, Australia, and New Zealand all sent more beef to the U.S. Pork exports rose 5.8% in January relative to last year at 587.8 million pounds.
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WASDE:
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USDA raised March beef production by 140 million pounds and increased beef imports by 50 million pounds. Total beef, pork, and chicken production was increase by 270 million pounds from USDA’s February numbers. USDA lowered corn prices by $.05 this month.
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Next week's reports:
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➡︎ Retail Prices
➡︎ Consumer Sentiment
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