Market Report - Week of August 25, 2023

Cattle Market Report:

The markets followed a similar trend in the last two weeks as the two weeks prior. Trending downward for a week and then regaining most of the lost ground the next. It will be interesting to watch consumer spending on beef post-Labor Day. So far consumers have been resilient to higher beef prices. I anticipate that we will finally see some slower spending as people look to the holidays and start thinking about Christmas budgeting and travel expenses to see family. However, I don’t anticipate a stronger-than-normal seasonal decline in the markets over the next several weeks. It seems like we are starting to settle into a more predictable trend in the markets as well. 

‍

Grain Market Report:

The Russia/Ukraine conflict seems to be back in the conversation about the grains markets. I thought we had left that behind, but it may have just been the lull of growing season. Corn has been on a ride for the last two weeks. Talk of harvest is positive with most expecting an average crop. Soybeans, however, do not have as favorable of a projection. Most feel like beans are behind in their growth and that there may be a lower-than-average yield. 

‍

Cattle and Grain Markets for August 25, 2023

‍

Sheep Market Report:

San Angelo was $10 lower this week. Hamilton was $10 higher, and Goldthwaite was $5 higher. Fredericksburg was steady to higher, as well as New Holland. The USDA estimated domestic lamb and mutton meat production for the week ending August 19th totaled 1.98 million pounds on a 32,000 head slaughter this week compared to 1.92 million pounds and 31,000 head the previous week. Imported lamb and mutton meat for the week ending August 12th totaled 2.59 million pounds or 134 percent of domestic production.

Sheep markets for week ending August 25, 2023

*No Quote ** Not Applicable

‍

Hay Market Report:

Projections are that prices have pretty well stabilized and not much change is expected through the end of the growing season.  High-quality hay is still harder to find which has slowed dairy and exporter purchasing. Hurricane Hillary could have had a large impact on hay production with its widespread weather effects, but it seems that there was enough advanced notice for producers to manage harvest around it. In general, trade has been slow the last few weeks. 

*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.

‍