Live cattle futures are on a downward trail that may lead to a challenge of contract lows very soon. The most-active Aug contract Thursday settled at $113.35 per cwt, down $0.22, but the low of $111.75 got close to the May 26 low of $111.45 and the contract low of $110.92 set Apr. 22. Support … Read More
Slaughter Steer Prices Pressured On Two Fronts
Slaughter steer prices are coming under pressure from two fronts, and a change does not appear imminent. Those pressure points are coming from within the industry and from the economy, which is growing so slowly the Federal Open Market Committee may not raise the Federal Funds interest rate following its June meeting, a move thought … Read More
Hay Stocks Largest In 11 Years
US May 1 hay stocks, reported by USDA’s National Agricultural Statistics Service in their May Crop Production report, were the largest since 2005 at 25.14 million short tons. Records maintained by the Livestock Marketing Information Center show it was the second year in a row that stocks had returned to historically normal levels from drought-depleted … Read More
Chicken Hatchery Output Declines
Despite forecasts for annual growth, chicken egg sets in hatcheries generally ran below a year earlier in March and April. USDA-National Agricultural Statistics Service data for the week ended May 14, the latest week available, showed a 1.758-million, or 0.83%, year-over-year decline in broiler eggs set to 210.074 million from 211.832 million. Declines compared to … Read More
USDA Lowers Red Meat, Poultry Forecasts
US 2016 and 2017 red meat and poultry production forecasts were lowered from those made a month ago, although 2017 forecasts continue to forecast production growth. The USDA’s World Agricultural Supply and Demand Estimates report Friday credited higher feed costs for dampening the rate of production growth. Southern Plains corn, sorghum and wheat prices have … Read More
April Beef, Pork Export Volumes Decline
April US beef and pork export volumes were below those of a year ago and the previous five-year average, according to statistics released by USDA and compiled by the US Meat Export Federation. Data from the USDA’s Foreign Agricultural Service and the Economic Research Service show that through the first four months of 2016, beef … Read More
Supplies Could Take Futures Below Average
Weekly feeder steer prices in the Southern Plains are bouncing around near or just above the 2010-2014 average, which means they could be in for a slow rise, were it not for the rising supply. Data from the USDA’s Agricultural Marketing Service compiled by the Livestock Marketing Information Center show the slow rise in prices … Read More