USA: Cattle market review for week 33 of 2023
Photo is illustrative in nature. From open sources.
Traders had expected Cattle on Feed's report, released Friday, to show July feeder cattle placements down an average of 5.5% from a year earlier. Marketing indicators decreased by 5.2% during the month. The USDA indicated that actual livestock placement in feedlots as of Aug. 1 in feedlots with more than 1,000 HEAD was 97.11% of last year. Placements in July were much lower than expected at 91.72% of last year's levels.
Wholesale beef prices were higher in Friday's report . The USDA estimated Friday's FI cattle slaughter at 118,000 head, bringing the total for the week to 607,000 head.
In the US, beef production is expected to decline in 2023-2024. This will lead to increased supply from Australia, New Zealand, CANADA and Mexico as the US market will need a significant increase in beef imports to meet projected demand, analysts say. According to the US Department of Agriculture (USDA), beef production in the country in 2023 is likely to decrease by 4% (by 513 thousand tons) compared to 2022. According to forecasts, in 2024 it will fall even more – to 11.2 million tons, which is 8.9% less than this year.
Analysts note that even with a decline in exports, the US market will need a significant increase in beef imports to meet currently projected demand.
“This is very positive for many countries that ship beef to the US,” said US MEAT and livestock industry commentator Steve Kay. In his opinion, the key suppliers will be Australia , New Zealand, Canada and Mexico.
WEEKLY CUT CHOICE COST
CATTLE SALES
Sale of livestock, heads
Average weight
Week 32
Week 33
Weekly growth,%
Week 32
Week 33
Weekly growth,%
Bulls (live weight)
7 807
27 600
253.5%
1 489
1467
-1.5%
Heifers (live weight)
2,809
11 835
321.3%
1 284
1 335
4.0%
Steers (slaughter weight)
963
7,548
683.8%
929
942
1.4%
Heifers (slaughter weight)
630
1,792
184.4%
808
842
4.2%
WEEKLY WEIGHTED AVERAGE PRICE OF BULLS
BEEF PRODUCTION
Index
Week 33
Week 32
Week 33 2022
Weekly growth,%
Growth over the year, %
Slaughter volume
616 000
603 000
664,000
2.2%
-7.2%
Live weight
1 345
1 345
1 351
0.0%
-0.4%
Slaughter weight
815
814
821
0.1%
-0.7%
Beef production (million pounds)
501.0
490.1
543.2
2.2%
-7.8%
CME: Live Cattle Futures
Week 32
Week 33
Weekly growth,%
August
180.38
178.53
-1.0%
October
181.33
178.83
-1.4%
December
185.45
183.18
-1.2%
Feeder cattle futures
August
247.75
245.58
-0.9%
September
251.45
248.53
-1.2%
October
252.88
250.70
-0.9%
You can find out more about the state of the cattle market in the usa (livestock prices, the 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 for free as part of a subscription to monthly meat analytics Russian markets.
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