It was an exhilarating day for the cattle complex as feedlot managers successfully pushed the cash market $2.00 to $4.00 higher. Meanwhile, the lean hog complex wasn't as fruitful as traders withdrew from the market ahead of the Quarterly report. December corn is down 2 cents per bushel and December soybean meal is down $1.40. The Dow Jones Industrial Average is up 260.36 points.
Thursday's export report stated that beef net sales of 10,100 mt for 2024 were down 35% from the previous week and 34% from the prior 4-week average. The three largest buyers were China (2,100 mt), Japan (1,700 mt) and Mexico (1,600 mt). Pork net sales of 28,000 mt for 2024 were down 3% from the previous week and 8% from the prior 4-week average. The three largest buyers were Mexico (13,000 mt), Canada (3,300 mt) and China (2,700 mt).
Thursday's Cold Storage Report shared that total red meat supplies in freezers were down 1% from the previous month and down 2% from last year. Total pounds of beef in freezers were down 2% from the previous month and down slightly from last year. Frozen pork supplies were up slightly from the previous month but down 3% from last year. Stocks of pork bellies were down 39% from last month and down 30% from last year.
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