Weekly Livestock Market Update with Scott Brown, June 18th 2018

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Some highlights from this week’s Weekly Livestock Market Update: • This week in markets – Cash hogs were up $5 this week, and closed higher every day. Current lean hog futures ended the week $1 higher. Pork cutout value was up nearly $.03 per pound, all cutouts traded higher this week. Feeder cattle were steady to $5 higher this week, despite cash cattle being down $3.50 for the week. Current live cattle futures was down $.75 while the current feeder cattle contract closed $1.00 higher. The Choice Box Beef cutout price was down $.03 this week, with weakness in nearly every component. • WASDE was released this week: The USDA made very few changes to the livestock outlook. However, ending stocks for corn and soybeans continue to tighten. That correlates with the higher feed costs we’ve seen as we move through the year. • Retail prices this week: The Choice beef retail price fell nearly $.10 in May to $5.96/pound. That compares to 2017, when the May retail price increased by more than $.20. The retail pork price for May came in at $3.74/pound, virtually unchanged from April. That keeps retail pork prices sightly above year-ago levels. In both beef and pork, farmers share of the retail dollar continues to weaken. We lost 5% in May for beef markets and 2% for pork. • Consumer Confidence out today: It was up 1.3 percent relative to last month. The current economic condition up 5.5 percent from last month. • Tariffs and Trade: China announced $50 billion in retaliatory tariffs today (Friday) on US goods – that includes US beef. • Farm Bill: The Senate passed its version of the bill and Senate Majority Leader Mitch McConnell says the bill will come before the full Senate by July 4th. • Reports next week: Livestock slaughter, Cattle on Feed ,and Cold Storage. • Subscribe to BrownfieldTV on YouTube for John Perkins’ daily opening and closing #MarketMinute reports.

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