Farm Progress America, September 20, 2023

Mike Pearson talks about the bullish action being shown by both cattle and consumers when it comes to cattle markets. Consumers are willing to pay high prices for beef.

September 20, 2023

Mike Pearson examines the cattle markets in today’s Farm Progress America.

It’s no secret that cattle markets have been hot all summer. Three years of drought have left the USA with 29.4 million cattle—the smallest herd in the record keeping history of 52 years.

However, the supply crunch still has consumers willing to pay for quality beef.

The national feeder index is at 254.41—70 points higher than in 2022.

And when it comes to the fat cattle markets, cattle are garnering $1.83 a pound in the south and $1.85 in the north.

The high prices don’t stop there.

In the futures markets, many life of the contracts reported hitting record highs.

And when going to the meat market, fresh beef is also garnering record high prices for the third month in a row. The high this month has been $7.82 a pound.

There has been some down news when it comes to ground beef. The price was $5.08 a pound which is down the record highs in July.

The Consumer Index also keeps tabs on the pork and chicken markets.

Pork was down from 2022 but had the highest prices this year in August with $4.83 a pound.

However, chicken prices are increasing. The Consumer Index reported a 47 percent increase year over year at $1.96 a pound.

Some down prices may come this fall in the cattle markets with record large carcass sizes meaning more beef supply and lower prices.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, a farm broadcaster and host of This Week in Agribusiness.

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