• This week in the markets – Live fed cattle prices were $4.25 lower on the week, while feeder cattle prices were $1.00 to $5.00 lower this week. December live cattle were up $1.85 on the week, while January feeder cattle were up $4.25 on the week. Choice box beef was down $4.70 this week. Cash hogs were unchanged this week. December lean hog futures were up $1.45 on the week. Pork cutout values were up $1.70 this week on stronger bellies.
• Weekly Slaughter Numbers – At the end of the week, cattle slaughter was 617,000 head, down 11,000 on the week and down 45,000 for the year. Hog slaughter was 2.609 million head, up 47,000 from the previous week and up 54,000 on the year. Year-to-date cattle slaughter is down 4.5%, while hog slaughter is up 1.4%.
• WASDE – The USDA monthly report showed little changes to 2023 livestock estimates. 2024 beef production was increased by 0.5 billion pounds this month relative to October. USDA lowered its estimate of 2024 chicken production by 0.4 billion pounds this month. USDA made few changes to its 2024 estimates of livestock prices.
• Monthly Trade Data – September 2023 beef exports totaled 232 million pounds, a decline of nearly 50 million pounds relative to one year ago. Year-to-date beef exports are 2.3 billion pounds, nearly 400 million pounds below the same time last year. In September 2023, pork exports totaled 512 million pounds, virtually unchanged from the year-ago level. Year-to-date pork exports exceed the year-ago level by 331 million pounds.
• Consumer Sentiment – The November estimate of consumer sentiment fell by 5.3% relative to October. That marks four consecutive months of reduced consumer sentiment numbers. Consumer income outlook and war concerns continue to weigh on consumer sentiment.
