Grimes and Plain
Hog Outlook: Prices End $4 Higher, Frozen Pork Down
Hog prices ended the week nearly $4 higher than the week before. The national weighted average carcass price for negotiated hogs Friday morning was $65.19/cwt, up $3.82/cwt from the previous Friday.
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Cattle Outlook: Boxed Beef Cutout Up, Slaughter Total Increases
U.S. beef exports during September were up 14% compared to 12 months earlier. September beef imports were down 12%. The U.S. exported 29 million more pounds of beef than we imported during the month.
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Hog Outlook: Retail Pork Prices Increase, Slaughter Total Up
The average retail price of pork during October was a record $3.363 per pound, up 6.3 cents from the month before and 48.3 cents higher than in October 2009. October’s price was the sixth consecutive record high. Having record retail prices is good, unless you need to move a lot of product.
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Hog Outlook: Slaughter & Export Demand Increases
Pork exports during April were up 2.2% compared to 12 months earlier. Pork imports were down 4.6%. In April, 5.5 pounds of pork were exported for each pound imported. During the first four months of 2010 pork exports were up 1.5% and imports down 3.5%. January-April exports to Japan, our biggest foreign customer, were down 7.1% but shipments to Mexico and Canada were up 25.7% and 10.6%, respectively.
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Cattle Outlook: Beef Export Demand Up, Carcass Rates Increase
USDA's June supply and demand estimates increased forecasted corn use for ethanol and reduced the expected corn carryover. They are currently forecasting that 34.7% of the 2009 corn crop and 35.2% of the 2010 corn crop will be milled for ethanol. USDA is predicting an average farm price for corn in the neighborhood of $3.55/bu for the 2009 crop and $3.60/bu for the 2010 crop.
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Cattle Outlook: World Beef Production Expected To Decline In 2010
World beef production is expected to decline in 2010 for the third
consecutive year. USDA's Foreign Ag Service is forecasting a 0.7%
decline in world production this year compared to 2009. The U.S. is the
largest producer of beef and our production is expected to be down
0.8%.
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Hog Outlook: Lower Prices The Last Two Weeks May Reflect A Slowdown In Retail Movement
The lower hog prices the last two weeks may reflect a slowdown in
retail movement. Hog prices quickly moved higher in April and May.
Those prices are now showing up in the meat case. Hopefully, the
upcoming three day weekend will bring lots of grilling and a need for
stores to restock next week.
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Cattle Outlook: Steer Carcass Weights Up
There were 373 million pounds of beef in cold storage at the end of
April. That is 2.9% less than a month earlier and 9.1% less than a year
earlier. More important, it’s the lowest stocks of frozen beef since
July 2005.
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Cattle Outlook: Futures Contracts Move Lower
The average price of choice beef at retail during April was $4.44 per
pound. That was up 13.2 cents from March and 16.7 cents higher than
April 2009.
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Hog Outlook: Losses In Financial Markets Hurt Commodity Futures Contracts
The average price of pork in grocery stores during April was $2.919 per
pound. That was up 0.5 cents from March and also half a penny higher
than April 2009.
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Cattle Outlook: Beef Exports Up, Lower Beef Cutouts
International trade has been a big boost to U.S. beef prices this year. During the first quarter of 2010, U.S. beef exports were up 24.7% and imports were down 18.6% compared to a year earlier. January-March exports equaled 7.7% of U.S. beef production and imports equaled 9.2% of production.
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- Post-tornado composting a solution for disposal of dead livestock
- Cornell genetic testing process cuts cost by up to 75 percent
- Angus Foundation receives $28,500 from “The Card Challenge”
- Commentary: In praise of animal foods
- 100K Pathogen Genome Project maps first genomes
- Beef exports depend on quality reputation
- Michigan hay buyers should plan purchases early
- New animal identification rules aid disease traceability
- Seven jobs more dangerous than farming
- Survey reveals most Americans in favor of COOL
- Corn planting pace turns from record slow to record fast
- U.S. cattle placements rise in April as feed costs subside
