Prepared and written by Jeff Swenson, DATCP Livestock and Meat Specialist. The Market Update draws information from several sources, including trade publications, radio broadcasts, agricultural news services, individuals involved in the industry as well as USDA NASS and AMS reports.
Cattle And Beef
Negotiated trade was a blink-and-you-missed-it affair last week. Cash trade was slow to develop and was largely quiet again after midweek. Prices were mostly steady. Live Cattle futures were lower four straight days, so the firm bids were a small victory. The Chicago Mercantile Exchange was open just a day and a half this week with many brokers advising clients to wait until after the holidays to resume trading. Beef prices were higher with the Choice cutout value averaging $316.88, making it $3.13 higher. Primal prices were lower at the end of the week, however.
The estimated harvest for the last full work week of 2024 totaled 617,000 head, 8,000 greater than the previous week and 4,000 fewer than the same week last year. USDA released a Monthly Slaughter Report last week showing November beef production at 2.22 billion pounds, 3% below the previous year. Cattle harvest totaled 2.57 million head, 6% lower than November 2023. The average live weight was up 38 pounds from the previous year at 1,425 pounds. A Cattle on Feed report was released last Friday. Cattle in feedlots with capacity of 1,000 or more head totaled 12.0 million head on December 1. The inventory was slightly below December 1, 2023. Placements in feedlots during November totaled 1.80 million head, 4% below 2023. The placement number is the lowest total in nine years.
