Weekly Livestock Market Update with Scott Brown, August 12th 2019

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• This week in the markets – Live cash fed cattle were up $2.40 this week. Feeder cattle markets were steady to $3 higher for the week. August live cattle closed $1.20 higher this week and August feeder cattle futures closed $4.05 higher as corn prices declined this week. The Choice Box Beef price was unchanged this week. Cash hogs closed over $4.75 higher on the week. August lean hogs closed up more than $2.25. Pork cutout value was also higher this week, up $6.25, led by strength in hams and bellies. This week’s pork cutout value moved back above year ago levels.
• Cold Storage – The June cold storage report showed beef in storage down more than 12% relative to a year ago at 395.5 million pounds. Pork stocks climbed to nearly 11% above a year ago at 622 million pounds. Given higher pork in storage, export demand could prove crucial in the weeks ahead.
• Cattle Slaughter – Both beef and pork supplies climbed in the first half of 2019 with beef production 0.3% higher and pork production 3.7% higher than year ago levels. June pork production was at record levels again in this month’s report.
• Next weeks’ reports – Restaurant Performance Index and a Jobs report.

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