Live cattle futures continue to march higher, but the market could use some bullish fundamental news to keep the rally going. Ninety percent lean trimmings remain strong, and 50% lean beef isn’t doing badly, but other cuts are showing signs of lagging. BOXED BEEF FIRM WITH CRACKS The weekly choice boxed beef cutout … Read More
Heavier Beef Carcasses Counter Lower Slaughter
Total beef production through the first week of June was 10.6 billion pounds, down 2.0% from last year, said Derrell Peel, Oklahoma State University agricultural economist in an Extension service letter called Cow-Calf Corner. That follows a 4.7% reduction in 2023 beef production from record 2022 levels, Peel said. Cattle slaughter in the first 21 … Read More
Frozen Red Meat Stocks Down; Poultry Mixed
Total red meat supplies in freezers on May 31 were down about 3% from the previous month and down about 5% from last year, the USDA’s National Agricultural Statistics Service said in its monthly Cold Storage report Tuesday. Total frozen poultry supplies were up about 3% from the previous month but down about 5% from … Read More
Funds Expand Net Long Cattle Position
During the week ended last Tuesday, June 18, large commodity index funds, known as managed money, expanded their collective net long live cattle position, while hedgers added to their total net short position. The data came from the Commitments of Traders report from the Commodity Futures Trading Commission, which usually is published on Fridays but … Read More
CDC Considers A(H5N1) Human Risk Low; Still Watching, Though
The Centers for Disease Control and Prevention is not calling for extreme measures to prevent infection just yet. It considers the risk to be low. A CDC report said the CDC “considers the current risk to the US public from A(H5N1) virus infection amidst the ongoing US outbreak of A(H5N1) viruses to be low; however, … Read More
Q1 Farm Debt Grows At Steady Pace
First-quarter farm debt at commercial banks continued to grow at a steady pace from the year prior, boosted by a substantial increase in farm operating debt, said Kansas City Federal Reserve Bank economists Francisco Scott and Ty Kreitman, in a Bank release. The growth in real estate debt remained robust but down from the peaks … Read More
Slow Cattle Kill Means More Yield Per Head
The relatively slow pace of slaughter in the first four months of 2024 contributed to the number of cattle on feed longer than 150 days on May 1 being the highest since May 2012, said the USDA’s monthly livestock, Dairy, and Poultry Outlook for June. The 2024 beef production forecast was virtually unchanged as heavier … Read More