Market Report - Week of January 29, 2024

Cattle Market Report:‍

It has been a while since my last market report due to multiple holidays falling on a Monday. I hope that everyone had a wonderful holiday season and that you are looking to 2024 with optimism. 

I have had several people ask me where the market is going this year. Here is my opinion. I think that we will see higher prices in the fall. I would predict they will surpass last years prices. However, I don’t think they will by much. I would imagine that consumer spending will shift more. I do not anticipate a significant drop in the market other than by some outside influence/black swan event. We know that inventory is still low and that we have not started to rebuild the herd.

We have seen a correction from the strong downturn in the fall. I am hopeful for some semblance of stability for the next several months. Once we see what retention numbers are doing this summer and fall, we will have a better idea for how much longer we might enjoy strong prices. Lower input costs will be helpful as well. ‍

Grain Market Report:‍

Both corn and soybeans have been trading lower since the first of the year. The corn belt is predicted to be drier this year. If it shifts too far than that could affect yield and bring prices back up. The trading is in full swing in South America right now. We will see if the prices continue to give feeders a break on inputs.    

Cattle and Grain Markets for January 26, 2024

Sheep Market Report:

San Angelo was lower by $20-$30 with 6,000 head going through. Goldthwaite was higher to sharply higher as was Hamilton. Fredericksburg was steady. The USDA estimated domestic lamb and mutton meat production for the week ending January 20th totaled 1.95 million pounds on a 33,000 head slaughter this week compared to 2.07 million pounds on a 35,000 head slaughter the week before. Imported lamb and mutton meat for the week totaled 3.95 million pounds, or 203% of domestic production.

Sheep markets for week ending January 26, 2024

*No Quote ** Not Applicable

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*Ross Bronson and Redd Summit Advisors are not financial advisors, and this market report is in no way intended to provide financial advice. This commentary is merely meant to be insight and input about current market conditions. It is recommended that any market commentary be compared to your own trusted sources, experience, and market evaluation. Especially those that are more specific to your regional market dynamics.

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