Weekly Livestock Update with Scott Brown, February 11th 2019

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Some highlights from this week’s Weekly Livestock Market Update: •This week in the markets – Fed cattle are up $1 on the week. Feeder cattle are steady to $3 lower. The April live cattle contract ended $1.30 higher this week and March feeder cattle contract closed $1.60 higher. Choice Box Beef price is unchanged this week, but it is still more than $8 above year-ago levels. Cash hog prices are $.65 lower this week and the April lean hog contract closed $1.30 lower this week. Over the last three weeks, we’ve seen a decline of more than $7 in hog futures prices. Pork cutout value lost $2 this week with weakness in all cuts. •The USDA’s Supply and Demand report was released today – Which gives us a first look at numbers since the government shutdown. USDA has pulled back its expansion in meat production in this report. Lowering overall beef, pork, and chicken production by more than 700-million-pounds. Brown says there hasn’t been a lot of good news in the market recently and he hopes this does provide some support to prices. The report also reduces per capita consumption of those meats by 1.5 pounds. The report points to a continued trend in slower production growth. •Monthly Trade Data – The USDA released November trade data. US beef exports were up 1 percent in November and up 6 percent in value. January through November beef export value was at $7.63 billion, which surpasses the 2017 total. November pork exports were down 8 percent in volume and 12 percent in value. Tariffs continue to dampen interest in US pork. It would appear 2018 pork exports will be near 2017 levels in volume, but down 1 percent in terms of value. •Next week’s reports – Retail prices and Consumer confidence.

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