Feeder cattle prices dropped $3 to $6 this week | Weekly Livestock Market Update

Brownfield Ag News

On this episode of Weekly Livestock Market Update (WLMU), Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown talk feeder cattle prices dropping $3 to $6 this week.

Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/

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This week in the markets:

Live fed cattle prices are $2.40 higher on the week, while feeder cattle prices were $3.00 to $6.00 lower this week. June live cattle were down $1.80 on the week, and August feeder cattle were down $5.35 on the week. Choice box beef was $2.10 lower this week. Cash hogs were unchanged this week. June lean hog futures were down $3.45 on the week. Pork cutout values were up $0.15 this week.

Weekly Slaughter:

At the end of the week, cattle slaughter was 619,000 head, up 6,000 on the week and down 2,000 for the year. Hog slaughter was 2.406 million head, up 27,000 from the previous week and down 46,000 on the year. Year-to-date cattle slaughter is down 4.5% relative to last year, and hog slaughter is up 0.5%.

Monthly Trade Data:

March 2024 beef exports totaled 256.1 million pounds, 10.4% below last year's level. Year-to-date beef exports are down 5.9% relative to the same period last year. Beef imports are 25% higher for the first quarter of 2024 relative to one year ago. Pork exports for March 2024 rose 2.1% relative to one year ago. Pork exports to South Korea showed strength this month.

Jobs Report:

The April jobs report showed 175,00 jobs were added, weaker than the 240,00 pre-report midpoint estimate. The unemployment rate increased to 3.9% in April.

Restaurant Performance Index:

The March restaurant performance index increased 0.2% relative to last month. The current situation index fell slightly on weaker same-store sales and customer traffic.

Next week's reports:

➡︎ WASDE

➡︎ Consumer Sentiment

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