Cattle and Hog Prices Vary in US Market Amid Industry Shifts

Cattle prices held steady or rose slightly on May 11, 2024, while cash hogs trended lower. The World Agricultural Supply and Demand Estimates report predicts reduced US red meat and poultry production for 2024.

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Aqsa Younas Rana
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Cattle and Hog Prices Vary in US Market Amid Industry Shifts

Cattle and Hog Prices Vary in US Market Amid Industry Shifts

Cattle and hog prices showed mixed results in the USmarketson May 11, 2024, as the livestock industry continues to navigate shifting supply and demand dynamics. Dressed cattle traded at $295 in the North, holding steady to $1 firmer compared to the previous week. Live deals ranged from $184 to $185 in the South, unchanged from last week's prices.

Why this matters: The fluctuations in cattle and hog prices have significant implications for the livestock industry, influencing the livelihoods of farmers and ranchers across the country. As the industry adapts to changing market conditions, the ripple effects will be felt throughout the entire agricultural supply chain.

In contrast, cash hogs trended lower, settling at $87.87. However, pork values experienced an uptick, rising to $100.18. Despite a softer futures market, cattle feeders maintained a strong bargaining position. Feeder cattle and calves mostly traded lower throughout the week.

The World Agricultural Supply and Demand Estimates report indicates that total US red meat and poultry production for 2024 is reduced compared to last month's projections. The decrease is attributed to lower broiler, turkey, and pork production. In contrast, beef production is expected to increase due to higher cattle slaughter rates and heavier dressed weights.

Looking ahead to 2025, cattle prices are anticipated to rise as a result of tighter domestic supplies and higher heifer and cow retention rates. This projection suggests that the cattle industry may experience a period of herd rebuilding, which could impact market dynamics in the coming years.

In other industry news, the Beef Improvement Federation (BIF) announced the finalists for its Seedstock and Commercial Producer awards, sponsored by Drovers. These awards recognize outstanding achievements and contributions to the beef cattle industry.

The mixed results in cattle and hog prices on May 11, 2024, reflect the ongoing challenges and opportunities faced by the US livestock industry. As market conditions continue to evolve, producers and industry stakeholders will closely monitor supply and demand factors to make informed decisions and adapt to the changing landscape.