Weekly Market Livestock Update with Scott Brown, April 9th 2018

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Some highlights from this week’s Weekly Livestock Market Update: •This week in markets – Cash hogs ended the week nearly $2.50 lower on continued uncertainty in demand strength. Current hog futures contracts ended the week down $2.50. Pork cutout value ended the week flat but is down 6 percent from 2017. The cutout closed the week at $66.69 which is the lowest level since 2015. Bellies remain 16 percent below year-ago levels. Fed cattle are down nearly $5.00 for the week, while lightweight feeder cattle were $2.00 to $6.00 higher with heavy weight calves $6.00 lower on light trade volume. Current live cattle futures are flat this week while feeder cattle futures closed nearly $3.00 higher. Choice beef cutout is down $3.50 for the week – based primarily on weakness in loin prices. Choice beef cutout is now only 3.6 percent above year-ago levels. •Restaurant Performance Index – was released late last week and is up 1.1 percent. The current situation index is up .4 percent higher while the expectation portion is up 1.8 percent. •The latest Jobs Report was released on Friday – 103,000 jobs were added in March. But that fell well below the projected 193,000. •USDA released its monthly trade data – The numbers are from February and show export totals were higher for the month with the values also up sharply. In the case of beef, February exports were 9.5 percent higher. Pork exports were 8.8 percent higher, while chicken rose only 1.2 percent. •Tariffs – Scott and Meghan talk about the recent announcement of China’s retaliatory tariffs and what that means for US agriculture. •Reports next week – USDA’s monthly WASDE report, Retail prices, and Consumer Confidence. •Subscribe to BrownfieldTV on YouTube for John Perkins’ daily opening and closing #MarketMinute reports.

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