Weekly Livestock Update with Scott Brown, March 12th 2018


Some highlights from this week’s Weekly Livestock Market Update: •Market recap – Cash hogs are down $.75 for the week on cheaper wholesale pork values. Lean hog futures are flat for the week. The week started off strong but following tariff and trade discussions, contracts saw significant declines midweek. Pork cutout value fell $2.24 for the week on much weaker pork belly prices – which were down 20 percent on the year. Direct cash cattle are flat for the week while cash feeder cattle were mostly $2 to $4 lower. On the futures side, live cattle are flat while feeder cattle futures closed down $2.50 on higher feed costs concerns. •Jobs report – The largest gain in almost 2 years – adding nearly 313,000 jobs. This morning’s numbers support strong economic gains. •Monthly trade data – Beef exports in January were 80,000 MT, which is up 14.5 percent higher than a year ago and 23 percent higher on a value basis. The frozen product tariff for beef entering Japan still faces that 50 percent tariff but it is scheduled to revert back to 38 percent on April 1. Pork exports were 164,000 MT, which is 5.4 percent higher than last year and a 9 percent increase in value. Both domestic demand and export demand is strong. •Input prices – Corn was up $.12 this week and soybean meal was up almost $20/ton. There is concern about the condition of South American crops and adding pressure to already tight margins for livestock producers. •WASDE – Not a lot to get excited about on the livestock side, however the midpoint for both corn and soybeans were raised. • President Trump’s tariff move – Agriculture’s concerns and the impact it could have on exports. •Reports next week – Retail prices and consumer confidence •Subscribe to BrownfieldTV on YouTube for John Perkins’ daily opening and closing #MarketMinute reports. Subscribe to the Weekly Livestock Market Update newsletter here: http://brownfieldagnews.us3.list-mana… If you have questions for next week’s show, submit them here: https://learfield.formstack.com/forms…


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