Weekly Livestock Update with Scott Brown, March 11th 2019

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Some highlights from this week’s Weekly Livestock Market Update: •This week in the markets – Cash fed cattle prices were unchanged for the week while feeder cattle sales were steady to $3.00 lower. The April live cattle futures contract was unchanged for the week while the April feeder cattle futures closed more than $2.50 higher. We saw strong increases in the choice box beef price, increasing more than $5.00 this week. The strength came in all components with loins leading the way. Cash barrow and gilt prices were $1.00 higher for the week. The April lean hog futures contract closed up over $4.00. The pork cutout value increased $2.75 this week with strength across the board in all components led by bellies. •Cattle on Feed – Cattle placements for January came in at 94.7% relative to a year ago. That was near the top end of the pre-report estimates. Cattle on feed as of February 1st was up 4/10 of a cent suggesting feed yards continue near capacity. •WASDE – USDA continues to reduce the growth in available meat supplies to domestic consumers. USDA increased by $1.00 their midpoint estimate for steers. • Jobs Report – The Jobs Report showed 20,000 added jobs in February as slowing growth and weather reduced job growth. •Monthly Trade Data – Beef exports were up 7% in 2018, a new record level of exports. Beef export value climbed to a record level in 2018, increasing by 15% relative to a year ago. Despite additional tariffs in key markets, pork exports fell by just .5% relative to last year. •Farm Income – USDA released their first 2019 farm income estimate this week and showed that livestock cash receipts are expected to grow by 4.6 billion dollars relative to 2018. •Next week’s reports – Retail Prices & Consumer Confidence report.

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