Weekly Livestock Market Update with Scott Brown, July 30th 2018

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Some highlights from this week’s Weekly Livestock Market Update: •This week in markets – Direct cash cattle trade $3 lower for the week, but buyers and sellers have been at a standoff all week and as of mid-afternoon on Friday significant trade volume had yet to develop. Feeder cattle this week are steady to $4 higher, while the August live cattle contract was down nearly $1 this week and the August feeder cattle futures contract was $1.60 lower. Choice box beef price is $.51 higher for the week, with strength in all components except loins. Cash hog prices lost $4 this week and the August lean hog futures contract closed more than $2.80 lower. Resulting in a nearly $12 decline over the past three weeks. Pork cutout value fell again this week – down $4.60, with weakness in all components. Hams, Picnics, and Bellies all closed 30 percent below year-ago levels. •What’s behind the decline? Scott and Meghan dig deeper into what is pushing cutout values lower. •Decline in hog slaughter numbers – Slaughter totals are down significantly this week. What’s the impact? •Cold storage report was released this week – Total red meat and poultry stocks exceed 2.5 billion pounds. Total red meat actually fell this month to just over 1 billion pounds. Chicken stocks are what is pushing total stocks higher. •The economy as it relates to ag – The GDP grew more than 4 percent in the Second Quarter of 2018. That is almost double the rate from the First Quarter of this year. What does that mean for domestic demand. •Aid assistance package – How does this breakdown for the livestock producers. •Next week’s reports – Restaurant Performance Index, Jobs report, and land values Subscribe to the Weekly Livestock Market Update newsletter here: http://brownfieldagnews.us3.list-mana…

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