· This week in the markets – Live cattle are down nearly $3. Feeder cattle markets are steady to $3 higher this week. August live cattle $3.15 lower and August feeder cattle were down $1. Choice boxed beef fell $75 this week. Cash hogs are down $6.70 this week and July lean hog futures contract is down $2.75. Pork cutout value fell $14, despite bellies being up $10.
· Slaughter – Cattle slaughter for the week was 636,000 head, a 21 percent increase from the previous week, and down 4.4 percent from a year ago. Hog slaughter is 2.452 million head, that’s an increase of 25.8 percent over a week ago and 1.7 percent relative to a year ago.
· Monthly Trade Data: Total US beef exports in April were down 8-million pounds from a year ago, despite strong exports in demand. Year-to-date beef exports are still 7 percent above year-ago levels. Total pork exports were up 117 million pounds relative to a year-ago, slowing their record pace of 2020. China has been the primary purchaser, up 181 million pounds over last year.
· Jobs Report: Unemployment rate dropped to 13.3 percent, much better than the pre-report estimate of 20 percent. This could be good news for the rebound for domestic demand. But what does this do for another potential round of stimulus money?
· Restaurant Performance Index: Came in at 94.9, nearly unchanged from a month ago.
· Next week’s reports – Retail Prices, WASDE, and Consumer Sentiment
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