Weekly Livestock Update with Scott Brown, April 30th 2018

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Some highlights from this week’s Weekly Livestock Market Update: •Market Recap – Cash fed cattle were basically unchanged for the week while feeder cattle sold steady to $5.00 higher on moderate demand. Current contract cattle futures ended the week sharply higher on strength at the end of the week. Current live cattle futures contract closed $3.00 higher for the week while the current feeder cattle contract closed $2.00 higher. First indication that futures prices are moving towards cash cattle prices. The choice boxed beef price was up $6.00 this week, as we’ve likely seen the start of grilling season, since middle meat prices drove the higher boxed beef prices. •For the second consecutive week, cash hog prices moved higher, up more than $3.00 this week. The current lean hog futures contract ended the week down $2.00. the pork cutout value was flat this week as lower belly and ham prices offset the strength in the other primal cuts. •Cold Storage- The cold storage report showed 2.4 billion pounds of beef, pork, chicken and turkey in freezers, 9.4% higher than a year ago. Beef inventories were unchanged from a year ago while pork products in freezers was 12% higher than a year ago. Chicken stocks continue to be burdensome, nearly 14% higher than a year ago. •Domestic demand – U.S. GDP data showed first quarter growth of 2.3% although weaker than the 4th quarter of 2017, that growth report still beat pre-report estimates. Despite lower cattle and hog prices, meat demand indexes have remained strong in early 2018 due in part to strong economic growth. •Next week’s reports – Restaurant Performance Index, Monthly Trade Data & Jobs Report •Subscribe to BrownfieldTV on YouTube for John Perkins’ daily opening and closing #MarketMinute reports.

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