Pork exports up 15% on the year | Weekly Livestock Market Update for 2/9/24

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.

Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/

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This week in the markets:
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Live fed cattle prices are $1.10 higher on the week, feeder cattle prices were $1 - $4 higher this week. April live cattle were up $2.60 on the week, and March feeder cattle were up $1.85 on the week. Choice box beef was down $1.30 this week, which is $26.40 above the year-ago level. Cash hogs are down $0.75 this week. April lean hog futures were down $2.55 on the week. Pork cutout values were down $2.40 this week on much weaker bellies.

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Weekly slaughter:
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At the end of the week, cattle slaughter was 622,000 head, down 15,000 on the week and down 6,000 for the year. Hog slaughter was 2.622 million head, down 70,000 from the previous week and up 147,000 on the year.

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Farm income:
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USDA’s current 2024 farm income estimate is down 25% from one year ago to $116 billion. USDA projects production expenses to be up nearly $17 billion relative to last year.

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Monthly trade data:
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December beef exports were 6% below year-ago levels. December shipments of pork were up 15% relative to this year a year ago.

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Supply and demand:
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USDA's largest change to livestock categories was to reduce beef net exports by 355 million pounds relative to its January estimate. USDA increased net pork exports by 230 million pounds from its January estimate. USDA raised fed steer prices and barrow and gilts prices by $2.

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Next week's reports:
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Retail Prices and Consumer Sentiment

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