Agribusiness Weekly Update: Beef losses continue

The Agribusiness Weekly Update, compiled from various sources by The City Wire staff, is presented each Tuesday. Sources include the U.S.Department of Agriculture, U.S. Meat Export Federation, and Stephens Inc.

Statistics in this update are for the week ended Jan. 28, compared to the prior-year period.

Chicken
The chicken processing margin averaged 4 cents a pound, down from 16 cents, a year ago. Broiler egg sets came were down 5.2% to 193.5 million eggs.

Table Eggs
The egg margin averaged 28 cents per dozen, 4 cents below last year.

Grains
Cash corn prices finished the week up 40 cents to $6.50 per bushel, while soybeans rose 35 cents to $12. After a strong week, soybean prices slid in Monday’s trade as the rain forecast in Brazil and Argentina helped ease concern that drought may curb supply

Beef
U.S. beef packers lost $136 per head processed versus $69.62 profited a year ago. Cattle slaughter fell 7% compared to. last year while beef production was down 6.7%
It’s the smallest total cattle and calves inventory since 1952.

Hogs & Pork
Pork processors lost $4.52 per head last week, compared to $17.40 profited a year ago.
Hog slaughter was down 0.8% while pork production decreased 0.2%. U.S. exports in 2012 are expected to increase 2.9% from 2011 levels.

Dairy
Milk futures ended the week flat as near-term contracts rose 4 cents, while longer-dated contracts fell 4 cents.

Ethanol & Energy
The ethanol crush margin averaged 43 cents per gallon, flat with last week and 7 cents above last year.