Last week’s estimated harvest totaled 35,000 head. Those two factors could mean higher lamb prices, especially if holiday demand mirrors typical seasonal patterns. lamb production has been lower this year based on lower live and carcass weights. Market lambs were steady to $10/cwt lower last week. ■ Fed lamb prices are in-line with the five year average, but much lower than levels seen in 2020-21. That makes it 2.8% higher than July, and 2.2% lower than August 2022, but 26% higher than a year ago. The average retail price of pork in August was $4.83/pound. Lean Hog futures were active this week, with the December contract taking out the key level of resistance of $78.00 Wednesday, but showed weakness on the open Thursday. The estimated harvest last week was 2.531 million hogs, 297,000 higher than Labor Day week and 45,000 more than the same week last year. Hog supply typically increases in the fall and production continues to outpace year ago levels. Wholesale prices were higher with the pork cutout value averaging $99.25 last week, an increase of $1.95. ■ Cash hogs were called 60 cents higher last week with a National Live Price Friday of $61.93, with a Carcass Base Price average of $99.25/cwt. It is unlikely the report will contain information that will greatly impact the market. A Cattle on Feed report will be released Friday after this Update is sent. While the price of beef is moderating, it is still 36% higher than August 2019. The average retail price of beef in August was $8.23/pound, down 1% from July and 8.6% higher than August last year. The Choice/Select spread of over $22 explains the wide range of fed cattle prices currently seen at auction markets. The Select carcass cutout value averaged $285.28. Wholesale prices continue to slip with an average Choice carcass cutout average last week of $307.55, a drop of $5.85. Harvest rebounded after the holiday-shortened week and was estimated at 632,000 head, 73,000 more than Labor Day week, and 41,000 less than a year ago. The national weighted average for beef steers last week was $1.60 higher at $184.26/cwt. Prices were mostly $1 to $2/cwt higher in the north and $2 to $3/cwt higher in the south. Negotiated trade was slow again last week with sellers who shrugged off steady bids being rewarded Friday. ■ The pattern of negotiated cash trade being pushed to late week has reemerged.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |