Live cattle futures down $3 on the week | Weekly Livestock Market Update

Brownfield Ag News

In this episode of Weekly Livestock Market Update, Brownfield's Meghan Grebner and livestock economist Scott Brown break down the Restaurant Performance Index and Jobs Data reports.

This week in the markets:

Live fed cattle prices are $0.25 lower on the week, and feeder cattle markets were $1.00 to $2.00 higher this week. December live cattle were down $3.00 on the week, and January feeder cattle were down $2.30 on the week. Choice box beef was $2.85 lower this week. Cash hogs were $2.75 higher this week. December lean hog futures were up $4.50 on the week. Pork cutout values were $4.20 higher this week on stronger bellies, hams, and ribs.

Weekly Slaughter:

At the end of the week, cattle slaughter was 615,000 head, down 8,000 on the week and down 21,000 for the year. Hog slaughter was 2.653 million head, up 60,000 from the previous week but down 12,000 on the year. Year-to-date cattle slaughter is down 3.8% relative to last year, and hog slaughter is up 1.0%.

Restaurant Performance Index:

The September Restaurant Performance Index was up slightly relative to last month. The stronger index was led by a 0.4-point increase in the current situation index, which was driven by more robust same-store sales and higher customer traffic. The expectations component of the index remained unchanged in September relative to August.

Jobs Report:

The October 2024 jobs report showed that only 12,000 jobs were added in October, which is well below the midpoint pre-report estimate of 105,000 added jobs. Hurricanes and worker strikes led to a slowdown in added jobs for October. August and September job numbers were revised downward by a combined 112,000. Average hourly pay remains 4% above the year-ago level.

Next week's reports:

» Monthly Trade Data

» WASDE

» Consumer Sentiment

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