In this video, Brownfield's Meghan Grebner and ag economist Scott Brown talk cattle placements being up 4%, outside the upper end of pre-report estimates. They also recap this week's markets including Weekly Slaughter, Livestock Slaughter, Cattle on Feed, and more.
Chapters:
0:00 Introduction
0:20 This week in the markets
2:19 Weekly Slaughter
3:18 Livestock Slaughter
9:17 Cattle on Feed
13:47 Next week's reports
This week in the markets:
Live fed cattle prices are $2.60 higher on the week with only a light volume, and feeder cattle prices are $4 to $7 higher this week. August live cattle were up $.20 on the week, while August feeder cattle were down $3.75 on the week. Choice box beef was $3.10 higher this week. Cash hogs were $0.25 lower this week. July lean hog futures were down $2.00 on the week. Pork cutout values were down $2.00 this week.
Weekly Slaughter:
At the end of the week, cattle slaughter was 620,000 head, up 5,000 on the week while down 29,000 for the year. Hog slaughter was 2.419 million head, up 39,000 from the previous week and up 51,000 on the year. Year-to-date cattle slaughter is down 4.4% relative to last year, and hog slaughter is up 0.9%.
Livestock Slaughter:
In May 2024, beef production totaled 2.3 billion pounds, up 0.9% compared to one year ago. Year-to-date beef production is down 0.1% compared to the same period in 2023. Cattle dressed weights were up 36 pounds relative to last year. Beef cow slaughter was down 20% in May 2024 relative to one year ago. Pork production totaled 2.3 billion pounds in May 2024, up 0.3% relative to May 2023.
Cattle on Feed:
In May 2024, cattle placements totaled 2.046 million head, 104.3% of one year ago. This level fell outside the upper end of the pre-report estimate of 102.4%. Cattle on feed on June 1 was 99.9% of one year ago and also outside the upper end of the pre-report estimate of 99.4%
Next week's reports:
» Cold Storage
» Quarterly Hogs and Pigs
» June Acreage
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