Livestock Marketing Information Center
In The Cattle Markets
Updated: 10/07/2024
Cattle and Beef Markets
Cattle and beef markets started the fourth quarter with some considerable price optimism. Live cattle futures and feeder cattle futures rallied to close to levels seen prior to the second price break in August. We are still some distance from the levels seen at the beginning of the year, but moves in September were strongly higher, and the discussions are markedly different from the second quarter. What are the underlying fundamentals?
Livestock Monitor
Updated: 10/11/2024
TRADE UPDATE
The USDA ERS released its August Monthly Meat and Livestock Trade data on Wednesday. Year-to-date through August, U.S. beef imports rose +20.9% to just over 3.0 billion pounds, while exports fell -3.6% to about 2.5 billion pounds. Imports from Canada were 658.8 million pounds from January to August (up +3.2% year-to-date), while year-over-year imports were down -1.9% in August. Australia has seen the strongest growth in 2024, with imports rising +69.9% to 635.7 million pounds through eight months of the year, including a 46.3% increase year-over-year in August.
CPI AND RETAIL PRICES
The Consumer Price Index (CPI) in September posted a +2.4% increase over last year. The inflation rate has not been below 2.5% since February 2021 (1.7%). The meat CPI posted a +2.5% increase over last year, the poultry CPI was up marginally by +0.5%, the housing CPI rose +4.1%, while energy fell -6.8%. The core CPI (all items less food and energy) increased +3.3% in September and has remained in the 3% range since December 2023.
CHEESE MARKETS AND MILK PRICES
Dairy markets finished up the summer quarter on solid ground with both price and product usage trends moving higher. Wholesale cheddar cheese prices (40-pound block) averaged $2.06 per pound during the summer quarter, up from $1.79 in the prior quarter and $1.82 a year ago. American-type cheese usage, which was down from a year earlier during the first half of the year, was on track to be unchanged from the summer of 2023.
