USA: Cattle market review for week 33 of August 19, 2024

The decline occurred even against the backdrop of rising wholesale prices for beef . On the day, beef prices rose $0.51 to $317.45 per hundredweight for Choice cuts, while Select cuts rose $0.56 to $302.59 per hundredweight, according to USDA data . This reduced the Chc/Select spread to $14.86.

Commitment data from traders showed that long spec positions were liquidated in the week that ended Aug. 13 by 8,910 contracts to a net long of 44,892 contracts by the same Tuesday.

A flurry of fund selling in cattle markets and an expected rise in slaughter numbers could also put further pressure on cattle futures , according to market analysts .

Some traders are also watching consumer reactions to this week's news that an outbreak of avian flu among U.S. dairy cattle is believed to be much larger than official data suggests, and that the USDA plans to expand avian flu testing of incoming beef. in food supplies.

Vice President Harris released part of her economic agenda that included a ban on price gouging for grocery stores. In her speech at the event in North Carolina, she highlighted that ground beef prices are up 50% compared to pre-pandemic levels.

WEEKLY COST OF CUTTINGS CAT.CHOICE

CATTLE SALES

Sale of livestock, heads

Average weight

Week 32

Week 33

Weekly growth,%

Week 32

Week 33

Weekly growth,%

Bulls (live weight)

25 365

5 394

-78.7%

1 485

1,516

2.1%

Heifers (live weight)

10 135

1 411

-86.1%

1 330

1 332

0.2%

Steers (slaughter weight)

6,793

2,945

-56.6%

944

980

3.8%

Heifers (slaughter weight)

1 446

381

-73.7%

869

846

-2.6%

WEEKLY WEIGHTED AVERAGE PRICE OF CALLS

BEEF PRODUCTION                                                                     

Indicator

Week 32

Previous week

A year ago

Weekly growth,%

Growth over the year, %

Slaughter volume

602,000

591,000

617,000

1.9%

-2.4%

Live weight

1 383

1 382

1 356

0.1%

2.0%

Slaughter weight

844

842

823

0.2%

2.6%

Beef production (million pounds)

506.9

496.9

506.3

2.0%

0.1%

CME: Live Cattle Futures

Week 32

Week 33

Weekly growth,%

August

184.25

182.80

-0.8%

October

181.15

178.30

-1.6%

December

179.60

178.13

-0.8%

CME: Feeder Cattle Futures

August

246.50

242.78

-1.5%

September

241.60

239.50

-0.9%

October

239.78

235.95

-1.6%

You can learn 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 around the world from Meatinfo.ru. Weekly reviews are available as part of a subscription.