US: Cattle Market Review Week 12, March 25, 2024
Photo is illustrative in nature. From open sources.
The NASS CoF update for March 1 showed feeder placements exceeding expectations with 1.89 million HEAD placed in February. This was up 9.7% from last year, although the high end of trader estimates was +8.8%. February sales totaled 1.793 million head, up 3.4% from last year, compared to the average trade forecast of +3.8%.
USDA wholesale block beef prices fell Friday, with Choice falling $3.01 and Select falling $2.26 . The USDA reported beef production for the week was 500.4 million pounds, down 1 million pounds from last week and down 2.5 percent from the same week last year. Cattle slaughter for the week was 598,000 head, down 3,000 head from last week and down 4.8 percent from the same week last year.
U.S. beef exports are expected to be about 8.3% lower in 2024 than in 2023 due to lower beef production in 2024 amid tighter cattle supplies, as well as stiffer global competition from beef exporting countries such as Australia .
The first quarter beef import forecast is raised by 50 million pounds to 1.200 billion pounds.
WEEKLY COST OF CUT OUT CAT.CHOICE
CATTLE SALES
Sale of cattle, heads
Average weight
Week 11
Week 12
Growth per week,%
Week 11
Week 12
Growth per week,%
Bulls (live weight)
13 068
30 973
137.0%
1,527
1,470
-3.7%
Heifers (live weight)
6 306
17 328
174.8%
1 337
1 338
0.1%
Bulls (slaughter weight)
2 452
11 824
382.2%
925
968
4.6%
Heifers (slaughter weight)
2 168
5 122
136.3%
869
855
-1.6%
WEEKLY WEIGHTED AVERAGE BULL PRICE
BEEF PRODUCTION
Indicator
Week 12
Previous week
A year ago
Growth per week,%
Growth per year, %
Volume of cattle slaughter
598,000
601,000
628,000
-0.5%
-4.8%
Live weight
1 389
1 389
1 366
0.0%
1.7%
Slaughter weight
839
836
820
0.4%
2.3%
Beef Production (million pounds)
500.4
501.4
513.4
-0.2%
-2.5%
CME: Live Cattle Futures
Week 11
Week 12
Growth per week,%
April
187.25
187.50
0.1%
June
183.60
182.90
-0.4%
August
182.63
181.50
-0.6%
CME: Feeder Cattle Futures
March
249.28
249.95
0.3%
April
252.13
251.50
-0.2%
May
256,00
253.78
-0.9%
You can learn more about the state of the cattle market in the usa (cattle prices, cost of beef by category, production dynamics) in the weekly reviews of the MEAT market in RUSSIA and in the world from Meatinfo.ru. Weekly reviews are available as part of a subscription.
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