Weekly Livestock Market Update with Scott Brown, June 10th

175

This week in the markets – Live fed cattle prices were $2 lower this week. Feeder cattle markets were steady to $7 lower. August live cattle futures contract was up slightly for the week and the August feeder cattle futures contract was up $3 this week, partially due to the decline in corn futures this past week. Choice box beef price was $.80 lower this week on weakness in rounds and briskets. Cash barrow and gilt prices were down $1.60 this week and the July lean hog futures contract closed $2.35 lower. Pork cutout value is unchanged this week as weakness in bellies and ribs offset strength in hams. •USDA has revised its livestock, dairy, and poultry export value – It’s down $500-million for FY2019. •USDA released its Monthly Trade Data – Total beef exports were estimated at 80,900 Metric Tons, which is a 3 percent decline from the previous year. Pork exports were 176,900 MT for April, that is 4.1 percent below a year ago. Mexico continues to be a drag on US pork exports. Chicken exports were down 6.8 percent relative to a year ago. •Jobs report – There were only 75,000 jobs added in May, yielding a report that is less than what was anticipated. Is there a concern about domestic economic growth? •Feed costs preparedness – Producers should be considering all their options. •Next week’s reports – WASDE, Retail prices, and Consumer Sentiment.

LEAVE A REPLY

Please enter your comment!
Please enter your name here