Livestock Marketing Information Center
In The Cattle Markets
Updated: 11/18/2024
Pasture and Range Conditions Review
Wet weather has been a welcome relief for many areas of the country over the last few weeks. In particular, rains in late October and early November alleviated drought or the severity of the drought for many areas of the Southern Plains and Southeast. However, significant portions of the U.S. remain in drought.
Livestock Monitor
Updated: 11/8/2024
MEAT TRADE UPDATE
On Wednesday, the USDA, ERS released its September meat and livestock trade data, wrapping up the third quarter of 2024. Beef imports are up +21.1% year to date through September, reaching 3.4 billion pounds, while exports have declined by -2.9% to 2.3 billion pounds. Notably, imports from Australia, Uruguay, and Brazil have risen sharply by +68.4%, +64.8%, and +44.9%, respectively, totaling 747, 214, and 543 million pounds. Canadian imports grew slightly across the three quarters, up +2.7% to 748 million pounds, while imports from Mexico dropped -13.4% to 440 million pounds. The largest export declines were to China (down -10.7%), South Korea (down -10.3%), and Canada (down -5.5%), with totals of 349, 458, and 195 million pounds, respectively. Increases were seen in exports to Mexico and Japan, up +10.9% and +0.6%, respectively, to 255 and 499 million pounds.
DAIRY MARKET UPDATE
USDA’s National Agriculture Statistics Service (NASS) reported that the monthly average milk price received by farmers in September was $25.50 per cwt, the highest monthly average price since July 2022. The monthly average milk price in January was $20.10, and prices have risen steadily since then. Milk prices averaged $23.97 during the July-September quarter, up from $19.27 during the same period in 2023. Milk prices have trended above expectations this year as consumer demand for butter and cheese has been very good, and fluid milk product demand has also been a positive surprise.
CONDITION RATINGS AND FEEDER STEER PRICES
USDA, NASS recently published the last range and pasture condition ratings for the May through October season. Nationally, range and pasture conditions finished the season at 51% rated as poor and very poor, which was the highest for the year and well above last year (37%). The Western region finished the season with a rating of about 41%, which was higher than last year (37%). The Great Plains region ended the season with a rating of 46%, well above last year’s rating of 19%. By the end of the season, ratings for the Southern Plains region were over 57%, an increase from last year’s rating of 47%. For the Cornbelt region, range and pasture conditions started to deteriorate in mid-August and ended the season at 43%, which was above last year (35%). The Southeast region ended the season with a rating of just over 40%, which was slightly higher than last year’s rating of 38%.
