Weekly Market Livestock Update with Scott Brown, April 16th 2018

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Some highlights from this week’s Weekly Livestock Market Update: •This week in markets – Cash hog prices are down a little more than $1.50 this week. However, current lean hog futures contracts gained nearly $4.00 on strong moves up in the latter part of the week. Pork cutout value lost $3.30 on weakness primarily in bellies. The value is down 12 percent from a year ago and on Wednesday closed at $65.86, the lowest since April of 2015. On the cattle side – fed cattle closed $1.00 higher this week, while feeder cattle were steady to $8.00 higher. Live cattle futures were flat this week, but the current feeder cattle contract closed $3.00 higher for the week. Choice beef cutout fell $3.88 this week on lower ribs and loin values. Choice beef value is just 2 percent above year-ago level. •The latest WASDE report was released this week. The USDA lowered the mid-point for fed steers by $3.00 this month and lowered the hog price by $2.50. At the same time they lowered the per capita availability for beef, pork, and chicken by one pound, which suggests weaker demand this month. •Consumer Confidence – came in at 97.0 which is 3.6 percent lower than last month. The current economic conditions fell 5.1 percent relative to last month’s strong performance, while the expectation portions of the index fell 2.3 percent. •Retail Meat Prices – The choice beef retail price lost nearly $.06 for March, while the pork retail price gained a little more than $.01. On the pork side – bacon prices came in at $5.53 for March, nearly $.25 lower than 2017. Sirloin steak prices were $8.34, which is nearly $.50 higher than last year’s prices. •Argentina has been in the news this week. Scott and Meghan get into what that means for US beef and pork prices. •Reports next week – Livestock slaughter and Cattle on Feed. •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…

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