JUNE 1 HOGS AND PIGS REPORT JUNE 1 HOGS AND PIGS REPORT

Results from the June 1 Hogs and Pigs report showed that all hogs and pigs totaled 74.5 million head, up +1.3% from last year and in line with pre-report estimates. The breeding herd fell -3.2% from last year to 6.0 million head; this was larger than analysts expected.

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BEEF AND CATTLE TRADE UPDATE BEEF AND CATTLE TRADE UPDATE

Beef exports totaled 260 million pounds in May, which is a -3% (7.8 million pound) decline from last year. Of the top five destinations for US beef exports, Japan and Mexico both saw increases in May compared to last year. Exports to Japan were 55 million pounds (+14%) in May while beef exports to Mexico were 27 million pounds (+15%).

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GRAIN MARKETS – PLANTED ACREAGES GRAIN MARKETS – PLANTED ACREAGES

USDA-National Agricultural Statistics Service (NASS) reported in late June that the area planted to corn in the US is 91.475 million acres, down from 94.641 million acres in 2023. This figure was up from 91.0 million acres that farmers were expected to plant this year based on mail survey results in March.

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In The Cattle Markets In The Cattle Markets

A free newsletter produced jointly by the: University of Arkansas, Colorado State University, University of Florida, University of Georgia, Kansas State University, South Dakota State University, Texas A&M, and University of Wyoming.

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Livestock Marketing Information Center

In The Cattle Markets
Updated: 7/22/2024

Cattle on Feed

Pre-report estimates for the USDA July Cattle on Feed report averaged an expected increase of 1.2 percent in total inventories as compared to last year. There was a wide range in estimates for June placements, ranging from 89.9 percent to 102 percent with an average of 97 percent.  Marketing expectations were more consistent among analysts with an average of 91.8, or down 8.2 percent year over year.

In The Cattle Markets (PDF)


Livestock Monitor
Updated: 7/22/2024

CATTLE ON FEED

Cattle on feed as of July 1st was up marginally (+0.5% or 61,000 head) from a year ago to 11.3 million head. Analysts’ pre-report estimates were expecting a +1.2% increase in cattle on feed inventory levels with a range of estimates of up +0.1% to +2.0%. Cattle marketings in June were nearly 1.8 million head, down -8.7% (171,000 head) from last year. Pre-report estimates had an average estimate of down -8.2% with estimates ranging from down -5.5% to -10.0%. Although marketings posted a large decline, there were two fewer slaughter days during the month of June compared to the previous year.


CORN AND SOYBEAN MARKET OUTLOOK

Following the USDA National Agricultural Statistics Service (NASS) release of crop planting estimates in late June, corn and soybean prices have trended lower. Both old-crop and new-crop corn futures contracts declined 16 cents from the end of June to July 18. Corn markets trended slightly higher during the first week of July but have since declined, highlighting the influence of favorable weather for crop development and rising optimism for record crop yields. Soybean futures market prices echo the picture in the corn market, even more so, as new-crop soybean prices were 57 cents lower than at the start of the month, as of July 18. Old-crop soybean prices were only down 36 cents over the same period.


PASTURE AND RANGE TRENDS – JULY

USDA-NASS reported that 40% of pastures nationally were in good to excellent condition as of their July 15 Crop Progress report. A year ago, 47% of pastures were rated in good to excellent condition. At the other end of the scale, 29% of pastures were rated poor or very poor this year versus 25% a year ago. A month ago, 24% of pastures were rated poor or very poor and 48% of pastures were rated good or excellent. The Southeastern US has seen a sharp decline in pasture conditions during the last month with the percentage of pastures rated as good or better declining from 66% to 35%. A year ago, pastures in the Southeast went from a rating of 55% good to excellent to 63%.

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