Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown give a weekly recap of the markets and discuss how it can impact farmers’ bottom lines.
-----
- This week in the markets – Live fed cattle prices were down $2.25 on the week, while feeder cattle prices were steady to $3.00 higher this week. August live cattle were basically unchanged on the week, while August feeder cattle were down nearly $4.60 on the week as July corn futures were up $0.35 this week. Choice box beef was up $15.20 this week and stands $71.40 above the year-ago level. Cash hogs were up $2.50 this week. July lean hog futures were up $3.00 on the week. Pork cutout values were up $3.40 this week.
- Weekly Slaughter Numbers – At the end of the week, cattle slaughter was 634,000 head, up 18,000 on the week and down 34,000 for the year. Hog slaughter was 2.330 million head, that’s down 28,000 from the previous week and down 32,000 on the year. Year-to-date cattle slaughter is down 3.7%, while hog slaughter is up 1.1%
- Retail Prices – The May 2023 retail beef price set a new record at $8.08 per pound, 5.3% above the year-ago level. The retail pork price remained at $4.73 per pound in May, 3.2% lower than in May 2022. May bacon prices were nearly 14% below year-ago levels in May.
- Consumer Sentiment – June 2023 Consumer sentiment rose 8% over May as greater optimism with inflation slowing and the debt ceiling legislation passed. That is nearly 28% above the same period last year.
- Next week’s reports – Livestock Slaughter, Cattle on Feed and Cold Storage
-----
Find more agriculture news: brownfieldagnews.com
