- This week in the markets – Live fed cattle prices were $1.30 higher on the week. Feeder cattle markets were generally steady to $2.00 lower this week. December live cattle were up $0.90. November feeder cattle were up $0.70. Choice box beef was up nearly $0.50 this week on strength in ribs and chucks. Cash hogs were $1.30 lower this week. December lean hog futures were up nearly $0.70 on the week. Pork cutout values were up nearly $0.90, primarily on strength in belly, and ham prices.
- Weekly Slaughter Numbers - At the end of the week, cattle slaughter was 664,000 head, unchanged on the week and up 7,000 for the year. Hog slaughter was 2.558 million head, that’s up 71,000 from the previous week and down 41,000 on the year. Year-to-date cattle slaughter is 1.5% higher and hog slaughter is running 3.1 behind.
- Monthly Trade Data – August exports of US beef were 323.6 million pounds, 5.9% above the year-ago level. China continued to be an important growth market for US beef exports. Although August pork exports rose from their July levels, at 512.4 million pounds, they remain 14.8% below the year-ago level due in large part to China.
- Jobs Report – 263,000 jobs were added in September, according to the Labor Department. The report came in near pre-report expectations. However, the unemployment rate fell to 3.5% in September.
- Next week’s reports – WASDE, Retail Prices, and Consumer Sentiment
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