Market Reports

Steer slaughter continues to run below year-ago levels so far this year. This is despite the fact that the quarterly feedlot inventories have shown more steers on feed in 2018 compared to last year.

U.S. beef trade continued the impressive performance of recent months in the latest monthly trade data for August. Total monthly U.S. beef exports were up 9 percent with a year-to-date total up 14.2 percent year over year.

The 2018 beef production forecast is unchanged from the previous month’s forecast at 27.1 billion pounds. However, the 2018 production forecast reflects lower expected production in the third quarter that offsets higher anticipated production in the fourth quarter.

U.S. beef exports set new records in August with export value topping $750 million for the first time, according to data released by the USDA and compiled by the U.S. Meat Export Federation (USMEF).

The latest Cattle on Feed report showed a Sept. 1 feedlot inventory of 11.125 million head, a record for the month since the current data series began in 1996. The Sept. 1 inventory was 105.9 percent of one year ago.

With much of the Midwest still suffering from moderate to extreme drought conditions, beef and crop producers are keeping a close eye on both foreign and domestic markets, hoping to maximize profit margins on the commodities they have to sell.