Price Reactions After USDA Livestock Reports ISSN: 1949-1913 Released March 26, 2012, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA). Livestock Reports and Price Comparisons This report contains price reactions to the United States Department of Agriculture's (USDA) Cattle on Feed, Quarterly Hogs and Pigs, and Milk Production reports. The USDA Cattle on Feed report is released monthly and publishes on-feed inventory, fed cattle marketings, and feeder cattle placements. Annual average price reactions to the Cattle on Feed reports are provided in this publication using prices data from the Agricultural Marketing Service (AMS) Market News reports. The USDA Quarterly Hogs and Pigs reports are published each year in March, June, September, and December and provide data on hog and pig inventory, sows farrowing, pig crop estimates, and 3-month and 6-month farrowing intentions. Annual average price reactions to the Quarterly Hogs and Pigs reports are provided in this publication using prices data from the AMS Market News reports. The AMS prices used in this report for cattle and hogs represent sales from producers to first buyers at major markets. The price reaction to the Cattle on Feed and Quarterly Hogs and Pigs reports is indicated by the difference between the price the week prior and the week after each report. The Milk Production report is released monthly and provides data on the number of milk cows, milk per cow and total milk production for the 23 major milk producing States. Dairy products price reactions to the USDA Milk Production reports are also provided in this publication. The butter and cheddar cheese prices in this publication are based on the daily cash settlement prices reported by the Chicago Mercantile Exchange. Weekly average prices are computed for the week before and the week after the release of each Milk Production report. Annual Cattle Price Reactions to Cattle on Feed Releases [Marketing year represents the January-December calendar year] -------------------------------------------------------------------------------- : Number of and average price changes 1/ :--------------------------------------------------------------- : Week prior to release : Week after release :--------------------------------------------------------------- : Increases : Decreases : Increases : Decreases :--------------------------------------------------------------- Marketing : : : : : : : : year :Number :Average:Number :Average:Number :Average:Number :Average -------------------------------------------------------------------------------- : dollars dollars dollars dollars : 2001 ...........: 5 0.84 7 1.78 5 1.87 7 1.47 2002 ...........: 9 1.24 3 1.40 5 1.14 7 1.68 2003 ...........: 5 3.73 7 2.41 5 1.90 7 3.24 2004 ...........: 9 1.73 3 1.85 5 4.07 7 1.83 2005 ...........: 2 1.65 10 1.43 5 1.01 7 1.28 2006 ...........: 9 0.96 3 1.26 7 1.76 5 1.61 2007 ...........: 5 0.78 7 1.36 8 1.67 4 1.51 2008 ...........: 6 0.95 6 1.81 9 1.57 3 1.03 2009 ...........: 5 1.72 7 0.91 6 1.26 6 0.62 2010 ...........: 7 2.39 5 1.15 3 2.03 9 0.97 2011 ...........: 4 2.14 8 2.53 7 2.41 5 1.67 -------------------------------------------------------------------------------- 1/ Based on the weekly weighted average prices per cwt. for live steers and heifers from feedlots in Texas, Oklahoma, New Mexico, Kansas, Nebraska, Colorado, Iowa, and Minnesota. Total increases and decreases may not add to twelve for a year when the week-to-week price does not change. Source: Market News, Agricultural Marketing Service. Monthly Cattle Price Reactions to Cattle on Feed Releases --------------------------------------------------------------------------------------- : : Average price 1/ : : : :-------------------------------: : : : : : : Change from : : : : :------------------- : : : : : Week : Week of : : : : :before to: release Release date :Inventory : Week : Week of : Week : week of : to week :change 2/ : prior : release : after : release : after --------------------------------------------------------------------------------------- : percent ------------------- dollars ------------------- : January 21, 2011 .......: 4.6 107.61 105.85 104.36 -1.76 -1.49 February 18, 2011 ......: 5.6 106.21 109.75 111.07 3.54 1.32 March 18, 2011 .........: 5.0 117.93 114.24 114.18 -3.69 -0.06 April 21, 2011 .........: 5.0 119.10 119.16 116.79 0.06 -2.37 May 20, 2011 ...........: 7.4 112.86 108.29 104.85 -4.57 -3.44 June 17, 2011 ..........: 4.1 106.03 109.30 112.16 3.27 2.86 July 22, 2011 ..........: 3.8 110.93 108.39 108.59 -2.54 0.20 August 19, 2011 ........: 7.6 116.13 113.96 112.96 -2.17 -1.00 September 23, 2011 .....: 5.3 117.03 115.89 120.25 -1.14 4.36 October 21, 2011 .......: 4.9 119.11 120.80 121.00 1.69 0.20 November 18, 2011 ......: 3.7 125.45 122.75 124.94 -2.70 2.19 December 16, 2011 ......: 4.0 120.52 118.89 124.60 -1.63 5.71 --------------------------------------------------------------------------------------- 1/ Based on the weekly weighted average prices per cwt. for live steers and heifers from feedlots in Texas, Oklahoma, New Mexico, Kansas, Nebraska, Colorado, Iowa, and Minnesota. Total increases and decreases may not add to twelve for a year when the week-to-week price does not change. Source: Market News, Agricultural Marketing Service. 2/ Percent change from previous year at time of each report. Annual Hog Price Reactions to Hogs and Pigs Releases [Marketing year represents December of the previous year through November of current year] ------------------------------------------------------------------------------ : Number of and average price changes 1/ 2/ :--------------------------------------------------------------- : Week prior to release : Week after release :--------------------------------------------------------------- : Increases : Decreases : Increases : Decreases :--------------------------------------------------------------- Marketing : : : : : : : : year :Number :Average:Number :Average:Number :Average:Number :Average ------------------------------------------------------------------------------ : dollars dollars dollars dollars : 2001 .........: 0 0.00 4 0.57 1 1.31 3 0.68 2002 .........: 3 0.79 1 0.89 3 1.15 1 2.92 2003 .........: 1 1.24 3 2.66 0 0.00 4 1.13 2004 .........: 3 2.13 1 0.28 1 0.12 3 2.33 2005 .........: 3 0.38 1 1.85 1 6.56 3 1.05 2006 .........: 0 0.00 4 2.52 1 3.15 3 1.10 2007 .........: 2 1.85 2 2.87 1 1.45 3 2.78 2008 .........: 3 1.78 1 1.28 1 0.90 3 1.33 2009 .........: 3 0.50 1 0.86 3 1.41 1 0.54 2010 .........: 2 0.82 2 0.60 2 2.24 2 1.12 2011 .........: 2 3.75 2 1.04 2 3.08 2 0.25 ------------------------------------------------------------------------------ 1/ Slaughter Hogs, Iowa, Southern Minnesota starting in December 1998 to April 2001. Source: Market News, Agricultural Marketing Service. 2/ Slaughter Hogs, Iowa, Southern Minnesota base lean prices, converted to live price starting April 2001. Source: Market News, Agricultural Marketing Service. Quarterly Hog Price Reactions to Hogs and Pigs Releases --------------------------------------------------------------------------------------- : : Average price 1/ : : : :-------------------------------: : : : : : : Change from : : : : :------------------- : : : : : Week : Week of : : : : :before to: release Release date :Inventory : Week : Week of : Week : week of : to week :change 2/ : prior : release : after : release : after --------------------------------------------------------------------------------------- : percent ------------------- dollars ------------------- : March 26, 2010 .........: -2.8 50.88 49.75 51.35 -1.13 1.60 June 25, 2010 ..........: -3.6 57.51 57.45 56.80 -0.06 -0.65 September 24, 2010 .....: -2.6 59.54 60.19 58.60 0.65 -1.59 December 27, 2010 ......: -0.9 49.12 49.82 52.77 0.70 2.95 : March 25, 2011 .........: 0.6 59.04 61.03 64.58 1.99 3.55 June 24, 2011 ..........: 0.5 69.10 74.61 74.31 5.51 -0.30 September 28, 2011 .....: 1.0 66.39 66.31 68.92 -0.08 2.61 December 23, 2011 ......: 1.5 60.35 58.36 58.16 -1.99 -0.20 --------------------------------------------------------------------------------------- 1/ Slaughter Hogs, Iowa, Southern Minnesota base lean prices, converted to live price. Source: Market News, Agricultural Marketing Service. 2/ Percent change from previous year at time of each report. Annual Butter Price Reactions to Milk Production Releases [Marketing year represents the January-December calendar year] --------------------------------------------------------------------------- : Number of and average price changes 1/ :--------------------------------------------------------------- : Week prior to release : Week after release :--------------------------------------------------------------- : Increases : Decreases : Increases : Decreases :--------------------------------------------------------------- Marketing : : : : : : : : year :Number :Average:Number :Average:Number :Average:Number :Average --------------------------------------------------------------------------- : dollars dollars dollars dollars : 2007 ......: 5 0.0220 7 0.0171 7 0.0228 5 0.0135 2008 ......: 9 0.0179 3 0.0185 5 0.0226 6 0.0307 2009 ......: 6 0.0344 4 0.0285 6 0.0233 4 0.0236 2010 ......: 7 0.0392 4 0.0236 8 0.0467 3 0.1115 2011 ......: 6 0.0280 5 0.0488 5 0.0328 6 0.0434 --------------------------------------------------------------------------- 1/ Prices based on the simple average on the Chicago Mercantile Exchange daily closing cash butter prices during the week. Total increases and decreases may not add to twelve for a year when the week-to-week price is unchanged. Monthly Butter Price Reactions to Milk Production Releases ------------------------------------------------------------------------------------- : : Average price 1/ : : : :-----------------------------: : : : : : : Change from : : : : :------------------- : : : : : Week : Week of : : : : :before to: release Release date :Production: Week : Week of : Week : week of : to week :change 2/ : prior : release : after : release : after ------------------------------------------------------------------------------------- : percent ------------------- dollars ------------------- : January 19, 2011 .......: 2.8 2.1000 2.1000 2.1000 0.0000 0.0000 February 18, 2011 ......: 2.7 2.0980 2.0465 2.0100 -0.0515 -0.0365 March 18, 2011 .........: 2.4 2.1200 2.1090 2.0650 -0.0110 -0.0440 April 19, 2011 .........: 2.4 1.9895 2.0000 2.0290 0.0105 0.0290 May 18, 2011 ...........: 1.7 1.9895 2.0570 2.1355 0.0675 0.0785 June 17, 2011 ..........: 1.5 2.1175 2.1400 2.1010 0.0225 -0.0390 July 19, 2011 ..........: 1.4 2.0300 2.0350 2.0750 0.0050 0.0400 August 18, 2011 ........: 0.8 2.0705 2.0870 2.0915 0.0165 0.0045 September 19, 2011 .....: 2.2 1.9045 1.8150 1.7600 -0.0895 -0.0550 October 19, 2011 .......: 1.9 1.8140 1.8600 1.8720 0.0460 0.0120 November 18, 2011 ......: 2.5 1.7845 1.7010 1.6167 -0.0835 -0.0843 December 19, 2011 ......: 2.2 1.6050 1.5965 1.5950 -0.0085 -0.0015 ------------------------------------------------------------------------------------- 1/ Prices based on the simple average of the Chicago Mercantile Exchange daily closing cash butter prices during the week. 2/ Percent change from previous year at time of each report. Annual Barrel Cheddar Cheese Price Reactions to Milk Production Releases [Marketing year represents the January-December calendar year] -------------------------------------------------------------------------- : Number of and average price changes 1/ :--------------------------------------------------------------- : Week prior to release : Week after release :--------------------------------------------------------------- : Increases : Decreases : Increases : Decreases :--------------------------------------------------------------- Marketing: : : : : : : : year :Number :Average:Number :Average:Number :Average:Number :Average -------------------------------------------------------------------------- : dollars dollars dollars dollars : 2007 .....: 6 0.0904 6 0.0260 3 0.0458 9 0.0462 2008 .....: 7 0.0733 5 0.1247 7 0.0503 5 0.0686 2009 .....: 7 0.0361 5 0.0277 7 0.0386 4 0.0406 2010 .....: 7 0.0262 5 0.0368 10 0.0220 2 0.0502 2011 .....: 7 0.0302 5 0.0788 7 0.0513 5 0.1029 -------------------------------------------------------------------------- 1/ Prices based on the simple average of the Chicago Mercantile Exchange daily closing cash 500 pound barrel cheddar cheese prices during the week. Total increases and decreases may not add to twelve for a year when the week-to-week price is unchanged. Monthly Barrel Cheddar Cheese Price Reactions to Milk Production Releases -------------------------------------------------------------------------------------- : : Average price 1/ : : : :------------------------------: : : : : : : Change from : : : : :------------------- : : : : : Week : Week of : : : : :before to: release Release date :Production: Week : Week of : Week : week of : to week :change 2/ : prior : release : after : release : after -------------------------------------------------------------------------------------- : percent ------------------- dollars ------------------- : January 19, 2011 .......: 2.8 1.4320 1.4856 1.6445 0.0536 0.1589 February 18, 2011 ......: 2.7 1.8485 1.9065 1.9463 0.0580 0.0398 March 18, 2011 .........: 2.4 1.9740 1.7805 1.6730 -0.1935 -0.1075 April 19, 2011 .........: 2.4 1.5970 1.5875 1.5915 -0.0095 0.0040 May 18, 2011 ...........: 1.7 1.6525 1.6720 1.7630 0.0195 0.0910 June 17, 2011 ..........: 1.5 2.0605 2.0725 2.0695 0.0120 -0.0030 July 19, 2011 ..........: 1.4 2.1040 2.1165 2.1280 0.0125 0.0115 August 18, 2011 ........: 0.8 2.1110 1.9810 1.7510 -0.1300 -0.2300 September 19, 2011 .....: 2.2 1.7245 1.6780 1.6580 -0.0465 -0.0200 October 19, 2011 .......: 1.9 1.7210 1.7063 1.7400 -0.0147 0.0337 November 18, 2011 ......: 2.5 1.9400 1.9940 1.8400 0.0540 -0.1540 December 19, 2011 ......: 2.2 1.5480 1.5500 1.5700 0.0020 0.0200 -------------------------------------------------------------------------------------- 1/ Prices based on the simple average of the Chicago Mercantile Exchange daily closing cash 500 pound barrel cheddar cheese prices during the week. 2/ Percent change from previous year at time of each report. Annual Block Cheddar Cheese Price Reactions to Milk Production Releases [Marketing year represents the January-December calendar year] -------------------------------------------------------------------------- : Number of and average price changes 1/ :--------------------------------------------------------------- : Week prior to release : Week after release :--------------------------------------------------------------- : Increases : Decreases : Increases : Decreases :--------------------------------------------------------------- Marketing: : : : : : : : year :Number :Average:Number :Average:Number :Average:Number :Average -------------------------------------------------------------------------- : dollars dollars dollars dollars : 2007 .....: 6 0.0769 6 0.0379 3 0.0532 9 0.0565 2008 .....: 7 0.0611 5 0.0136 7 0.0543 5 0.0755 2009 .....: 8 0.0287 4 0.0335 6 0.0449 6 0.0287 2010 .....: 7 0.0309 5 0.0606 9 0.0236 3 0.0424 2011 .....: 7 0.0426 5 0.0900 6 0.0563 5 0.0936 -------------------------------------------------------------------------- 1/ Prices based on the simple average of the Chicago Mercantile Exchange daily closing cash 40 pound block cheddar cheese prices during the week. Total increases and decreases may not add to twelve for a year when the week-to-week price is unchanged. Monthly Block Cheddar Cheese Price Reactions to Milk Production Releases -------------------------------------------------------------------------------------- : : Average price 1/ : : : :------------------------------: : : : : : : Change from : : : : :------------------- : : : : : Week : Week of : : : : :before to: release Release date :Production: Week : Week of : Week : week of : to week :change 2/ : prior : release : after : release : after -------------------------------------------------------------------------------------- : percent ------------------- dollars ------------------- : January 19, 2011 .......: 2.8 1.4705 1.5125 1.6735 0.0420 0.1610 February 18, 2011 ......: 2.7 1.8870 1.9435 1.9850 0.0565 0.0415 March 18, 2011 .........: 2.4 2.0145 1.7585 1.6355 -0.2560 -0.1230 April 19, 2011 .........: 2.4 1.6220 1.6119 1.6045 -0.0101 -0.0074 May 18, 2011 ...........: 1.7 1.6315 1.6705 1.7660 0.0390 0.0955 June 17, 2011 ..........: 1.5 2.1105 2.1125 2.1300 0.0020 0.0175 July 19, 2011 ..........: 1.4 2.0495 2.1400 2.1550 0.0905 0.0150 August 18, 2011 ........: 0.8 2.0820 1.9840 1.7900 -0.0980 -0.1940 September 19, 2011 .....: 2.2 1.7825 1.7250 1.7210 -0.0575 -0.0040 October 19, 2011 .......: 1.9 1.7030 1.7200 1.7270 0.0170 0.0070 November 18, 2011 ......: 2.5 1.9045 1.9555 1.8158 0.0510 -0.1397 December 19, 2011 ......: 2.2 1.5910 1.5625 1.5625 -0.0285 0.0000 -------------------------------------------------------------------------------------- 1/ Prices based on the simple average of the Chicago Mercantile Exchange daily closing cash 40 pound block cheddar cheese prices during the week. 2/ Percent change from previous year at time of each report. 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