On this episode of Weekly Livestock Market Update, Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown talk about this week's big reports, as well as cattle placements being down 6% on the year.
Learn more about what's happening in the agriculture markets here: brownfieldagnews.com/markets/
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This week in the markets:
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Live fed cattle prices are $1.60 higher on the week, while feeder cattle prices were $2.00 to $6.00 higher this week. June live cattle were up $3.05 on the week, and August feeder cattle were up $0.90 on the week. Choice box beef was $4.90 higher this week. Cash hogs were $0.80 lower this week. June lean hog futures were down $2.35 on the week. Pork cutout values were down $1.30 this week.
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Weekly Slaughter:
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At the end of the week, cattle slaughter was 607,000 head, up 9,000 on the week and down 18,000 for the year. Hog slaughter was 2.374 million head, down 30,000 from the previous week but up 19,000 on the year. Year-to-date cattle slaughter is down 4.5% relative to last year, and hog slaughter is up 0.5%.
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Livestock Slaughter:
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April 2024 beef production totaled 2.3 billion pounds, 11.3% above last year. Cattle dressed weights were 30 pounds heavier than last April. Beef cow slaughter in April 2024 was down 8% relative to one year ago, while heifer slaughter was up 12.5%. These data observations do not suggest any growth in beef cow inventory. April 2024 pork production was 2.3 billion pounds, up 9.3% relative to last year's period.
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Cold Storage:
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April ending cold storage stocks of beef and pork continue to show inventories below year-ago levels. Pork ending stocks were down 11.7% relative to last year, and beef ending stocks were 4.7% lower.
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Cattle on Feed:
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Cattle on Feed data came in near the midpoint of pre-report estimates. Cattle placements in April were 94.2% of one year ago, and cattle on feed, May 1st, were 99.1% of last year.
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Next week's reports:
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➡︎ Quarterly Trade Outlook
➡︎ Restaurant Performance Index
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