The market began the week with higher prices. Over the weekend, sales of Branded Steers and Colorado Branded Steers moved up $1. Heavy Native Steers and Butt Branded Steers are also expected to rise in price in the near term.
Last Week’s Close
The Jacobsen Hide Index on Friday closed at $20.03 compared to $18.98 Friday the week prior. Big packer steer quotes included HNS from $32, BBS at $31, BS at $18, and CBS at $17 and HTS at $22 FOB plant.
Packer beef margins for the week were a positive $297.56 per head versus a positive $324.75 the week before according to HedgersEdge.com.
The Week’s Slaughter Forecast
The Jacobsen slaughter forecast for this week is 640,000 head, and if realized, will be 4,700 head less than the same week last year when it was 644,700.
Cattle slaughter finished last week 651,000 head, up 0.2 percent from a year ago. Over the next six weeks, slaughter is forecast at an average of 633,300 head, down an average of 0.2 percent from the prior six weeks and down 2.4 percent compared to last year.
Figure 1.
04.19.2024
Reduced March RIN production not leading to higher RIN Prices
Total March biofuel RIN production was 1.9 billion RINs, which was 6% below February and 15% below December’s RIN output of 2.25 billion. December had the largest monthly production...
04.19.2024
CWG, YG higher on week, UCO, DCO down again
The market was quiet heading into the weekend. Used cooking oil (UCO) traded in large volume into the Gulf at 40 cents per lb delivered in the truck market.
04.19.2024
Price pressure on ruminant and porcine items for the week
Sloppy markets were reported for porcine and ruminant items at the close of week ending Friday April 19.
Wide ranges were witnessed on porcine bloodmeal (BM), with a...