Yesterday’s daily cattle slaughter was 110,000 head, up 9 percent from the prior Wednesday’s kill of 101,000 head but down 17 percent from the same day last year (122,000). Daily hog slaughter was 415,000 head, up 5 percent from last week, but still down 14 percent from last year. For the year, cattle slaughter is down 6.9 percent and beef production is down 4.8 percent; hog slaughter is down 1.1 percent and pork production is down 0.5 percent. The backlog at the packing plants is resulting in heavier weights which offsets lower kill numbers. Cattle were up to 1,363 pounds compared to 1,310 pounds the same week last year and hogs were at 293 pounds compared to 286 pounds last year.
This week’s totals are down because...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
