USDA increases net farm income for 2024 | Weekly Livestock Market Update

Brownfield Ag News

In this episode of Weekly Livestock Market Update, Brownfield's Meghan Grebner talks with livestock economist Scott Brown about the increase in net farm income for 2024 from the United States Department of Agriculture.

This week in the markets:

Live fed cattle prices are $2.70 lower on the week, while feeder cattle markets were $3.00 lower to $4.00 higher this week. October live cattle were down $3.40 on the week, and October feeder cattle were down $6.60 on the week. Choice box beef was $0.20 higher this week. Cash hogs were unchanged this week. October lean hog futures were down $2.60 on the week. Pork cutout values were down $1.05 this week on weakness in bellies.

Weekly Slaughter:

At the end of the week, cattle slaughter was 542,000 head, down 69,000 on the week and down 17,000 for the year. Hog slaughter was 2.327 million head, down 102,000 from the previous week while up 82,000 on the year. Year-to-date cattle slaughter is down 4.1% relative to last year, and hog slaughter is up 1.3%.

Monthly Trade Data:

U.S. beef exports in July totaled 258 million pounds, up 18 million pounds from one year ago on strength to all destinations. July beef imports were 86 million pounds higher than one year ago, and year-to-date stand 436 million pounds above the same period in 2023. U.S. pork exports stood at 567 million pounds in July, up 62 million pounds from last year. Mexican imports of U.S. pork led to the strength of U.S. pork exports.

U.S. Farm Income:

The updated USDA estimate of 2024 farm income was increased to $140 billion, led in part to higher livestock receipts which are expected to surpass their 2023 level by nearly $18 billion. Higher egg and cattle receipts are leading the 2024 increase in overall livestock receipts. Production expenses are forecast in 2024 to remain $100 billion above their 2020 level despite a $10 billion decline in feed expenses from 2023 to 2024.

Jobs Report:

The August jobs report reported 142,00 jobs were added this month, but this growth remained below the 163,000 pre-report estimate. The unemployment rate fell to 4.2%.

Next week's reports:

» Retail Prices

» WASDE

» Consumer Sentiment

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