Daily Market Highlights

Negotiated cash fed cattle prices were mainly $1 higher last week, with live prices in the Southern Plains at $119/cwt. and at $118-119 in the western Corn Belt. Dressed prices were $1 higher at $188.

Cattle futures closed higher Friday, supported by stronger cash trade and higher outside markets.

Other than 17¢ lower in the back contract, Live Cattle futures closed an average of 28¢ higher.

Feeder Cattle futures closed an average of 65¢ higher.

Wholesale beef values were lower on light to moderate demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.04 lower Friday afternoon at $224.56/cwt. Select was 82¢ lower at $207.30.

Corn futures closed mostly unchanged to fractionally lower.

Soybean futures closed 2¢ to 5¢ higher through Sep ’21 and then fractionally higher.

Over the weekend, various reports suggested China will reduce or waive import tariffs on some agricultural products imported from the U.S., including some shipments of pork and soybeans. If that’s true, then both markets could see some bounce to start the week. On the other hand, with additional U.S. tariffs scheduled to be imposed on Chinese imports Dec. 15, the move may create more uncertainty.

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Major U.S. financial indices closed strongly higher on Friday, buoyed by positive jobs data.

Total non-farm payroll employment increased by 266,000 in November, according to the U.S. Bureau of Labor Statistics. That was stronger than the trade expected. The unemployment rate was little changed at 3.5%.

Average hourly earnings for all employees on private non-farm payrolls rose 7¢ in November to $28.29. Average hourly earnings are 3.1% higher over the last 12 months.

The Dow Jones Industrial Average closed 337 points higher. The S&P 500 closed 28 points higher. The NASDAQ was up 85 points.

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Although still strong, U.S. beef exports softened in October in terms of both value and tonnage, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).

Beef exports in October of 108,017 metric tons were 8% less than a year earlier; value was 11% less at $649.1 million. Through the first 10 months of the year, export volume was 2.5% less and value was 2.5% less than last year’s record pace.

Beef export value per head of fed slaughter averaged $284.56 in October, down 10% from a year ago. The January-October average was down 4% to $308.04.

The Japanese Parliament’s recent ratification of the trade agreement with the U.S. should help bolster beef exports to that value-leading customer.

According to USMEF, the rate for U.S. beef muscle cuts is 38.5% but will drop by nearly one-third when the agreement enters into force, mirroring the 26.6% rate imposed on Australian, Canadian, Mexican and New Zealand beef. Another rate reduction will come April 1, when the Japanese fiscal year begins.

Negotiated cash fed cattle trade developed in Kansas Thursday, with live prices mostly $1 higher than last week at $119/cwt.; light to moderate trade and moderate demand.

Cattle futures closed marginally mixed.

Live Cattle futures closed an average of 24¢ higher.

Feeder Cattle futures closed an average of 26¢ lower.

Wholesale beef values were lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.35 lower Thursday afternoon at $225.60/cwt. Select was $2.19 lower at $208.12.

Corn futures closed mostly fractionally lower to 2¢ lower.

Soybean futures closed 3¢ to 6¢ higher.

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Major U.S. financial indices closed marginally higher on mixed news Thursday.

The Dow Jones Industrial Average closed 28 points higher. The S&P 500 closed 4 points higher. The NASDAQ was up 4 points.

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Although analysts with Rabo AgriFinance expect fed cattle prices next year to mirror those of the last couple of years, they say there are two possibilities that could give them a boost.

One is a resolution in U.S.-China trade talks, which they say would allow for increased pork exports to China and elevate all protein prices. The other has to do with disruption in global animal protein trade, due to African Swine Fever.

“As a larger share of beef from Australia and New Zealand go to China, it is forcing a reduction in the quantity of manufacturing beef coming to the U.S.,” explain Rabo AgriFinance analysts, in that organization’s RaboResearch Q4 Beef Quarterly. “As a result prices of Australian and New Zealand 90% lean trimmings delivered to the U.S. currently hold a $54/cwt. (USD) premium to domestic lean trimmings. This is forcing U.S. quick service burger restaurants to look for domestic alternatives for supplies, supporting U.S. cattle and beef prices. This situation is not expected to be quickly resolved and will be an interesting market development to watch during the coming year.”

Negotiated cash fed cattle trade perked up Wednesday, but too few transactions to trend, according to USDA reports.

There were 1,189 head offered in the weekly Fed Cattle Exchange auction, with 860 head selling for a weighted average price of $118.36/cwt. for delivery at 1-9 days. That was three lots from Kansas and Nebraska.

Cattle futures sagged lower Wednesday, perhaps pressured by seasonally declining wholesale beef values and the lack of cash direction.

Live Cattle futures closed an average of $1.06 lower.

Feeder Cattle futures closed an average of $1.56 lower.

Wholesale beef values were sharply lower on light demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $3.20 lower Wednesday afternoon at $226.95/cwt. Select was $2.00 lower at $210.31.

Corn futures closed 1¢ to 3¢ higher through Sep ’20 and then mostly fractionally lower.

Soybean futures closed 3¢ to 7¢ higher through Sep ’21 and then mostly 1¢ higher.

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Major U.S. financial indices closed higher Wednesday, supported by a bounce in energy and positive rhetoric about the U.S.-China trade talks.

West Texas Intermediate crude oil futures (CME) closed $2.02-$2.33 higher through the front five contracts.

The Dow Jones Industrial Average closed 146 points higher. The S&P 500 closed 19 points higher. The NASDAQ was up 46 points.

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The Upper House of the Japanese Parliament approved the U.S.-Japan trade agreement yesterday, which will greatly improve access for U.S. red meat in Japan, according to the U.S. Meat Export Federation (USMEF).

“With the U.S.-Japan trade agreement now approved by the Japanese Parliament, the U.S. beef and pork industries look forward to expanded opportunities in Japan, which is already the largest value destination for U.S. pork and beef exports (combined export value in 2018 was $3.7 billion),” says Dan Halstrom, USMEF president and CEO. “This agreement is one of the biggest developments in the history of red meat trade, as no international market delivers greater benefits to U.S. farmers and ranchers, and to the entire U.S. supply chain, than Japan.”

USMEF’s projected impact on U.S. beef and pork exports to Japan:

With tariff rates mirroring those imposed on major competitors, USMEF’s forecast for 2020 is for U.S. beef and pork exports to Japan to reach $2.3 billion and $1.7 billion, respectively.

USMEF projects that by 2025, U.S. red meat exports to Japan will approach $5 billion—roughly $2.8 billion for U.S. beef and more than $2 billion for U.S. pork—as consumption of U.S. red meat increases due to greater access for Japanese consumers and the U.S. gaining market share.

Moreover, the agreement also opens new opportunities for value-added and processed red meat products, with tariffs on these products phasing to zero, which contributes to the overall growth in U.S. exports to the high-value Japanese market.

Cattle futures mainly hovered on Tuesday, awaiting cash direction and in the face of a plunge on Wall Street.

Live Cattle futures closed narrowly mixed, from 20¢ lower to 25¢ higher.

Other than 2¢ and 10¢ lower in two contracts, Feeder Cattle futures closed an average of 33¢ higher.

Wholesale beef values were weak to lower on light demand and heavy offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $2.46 lower Tuesday afternoon at $230.15/cwt. Select was 67¢ lower at $212.31.

After 1¢ lower and fractionally lower in the two front contracts, Corn futures closed mostly fractionally higher.

Soybean futures closed fractionally higher to 1¢ higher through Sep ’21 and then 3¢ higher.

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Major U.S. financial indices closed sharply lower xTuesday, expanding recent losses. Primary angst seemed to revolve around, what else, but U.S.-China trade talks. This time it was investors interpreting comments from President Trump to mean it less likely that phase one of the deal will be concluded before new U.S. tariffs on Chinese imports begin Dec. 15.

The Dow Jones Industrial Average closed 280 points lower. The S&P 500 closed 20 points lower. The NASDAQ was down 47 points.

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“The wide spread between Choice and Select beef cutout values continues to send a signal for more Choice beef,” says Josh Maples, Extension economist at Mississippi State University. “The spread has been near or above $20/cwt. since June. The average weekly spread in October was more than double the historical seasonal average; November was seasonally large, too. For 17 of the 21 weeks from July 6th to Nov. 23, the weekly average Choice-Select spread was the largest for that week of the year over the past two decades.”

In the latest issue of In the Cattle Markets, Maples explains supply is the most visible driver, with Choice-grade supplies 1-2% below year-ago levels since June. For the same months, he adds that Choice supplies were also at or below the five-year average.

“Demand for particular beef cuts also plays an important role,” Maples explains. “A wider Choice-Select spread is typically expected in October and November, largely due to seasonal demand for Choice ribs and loins (i.e. the middle meats) during the holidays. For example, Choice ribeye prices usually increase due to seasonal demand. Wholesale Choice ribeye prices hit just over $10.00/lb. a few weeks ago and continue to hover around $9.60. This is compared to a 2018 high of $9.15/lb. Choice rib and loin primal values are 4% and 7% above a year ago, respectively, while the Select rib primal value is only up 1% and the loin primal value is the same as a year ago.”

The 5-area direct average steer price last week was $118.21/cwt. on a live basis, which was $2.25 higher than the previous week. The average dressed price of $186.83 was $3.24 higher. Total volume of just 51,310 head, pressured by both the holiday and winter storms suggests packers need to be in a buying mood this week.

Cattle futures began the week narrowly mixed, amid relatively light trade, with little urgency one direction or the other.

Except for unchanged and 5¢ higher in the middle of the board, Live Cattle futures closed an average of 23¢ lower.

Except for unchanged to 12¢ lower in the front three contracts, Feeder Cattle futures closed an average of 40¢ higher.

Wholesale beef values were firm on Choice and sharply higher on Select with moderate to good demand and light to moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 49¢ higher Monday afternoon at $232.61/cwt. Select was $2.64 higher at $212.98.

Corn futures closed mostly unchanged to fractionally higher.

Soybean futures closed 2¢ to 6¢ lower through Nov ’20 and then most fractionally lower.

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Major U.S. financial indices closed lower Monday, pressured by weak manufacturing data and ongoing uncertainty surrounding a U.S.-China trade deal.

Economic activity in the manufacturing sector declined in November, according to the closely watched Purchasing Managers Index® from the Institute for Supply Management® (ISM). Month to month, it declined two percentage points in November to 48.1%

“Global trade remains the most significant cross-industry issue. Among the six big industry sectors, Food, Beverage and Tobacco Products remains the strongest, while Fabricated Metal Products is the weakest. Overall, sentiment this month is neutral regarding near-term growth,” says Timothy R. Fiore, CPSM, C.P.M., Chair of the ISM Manufacturing Business Survey Committee.

The Dow Jones Industrial Average closed 268 points lower. The S&P 500 closed 27 points lower. The NASDAQ was down 97 points.

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Although recent winter storms may not be widespread enough to cause noticeable fed cattle market reactions, Derrell Peel, Extension livestock marketing specialist at Oklahoma State University says they may delay cattle finishing and disrupt slaughter flows in some regions.

In his weekly market comments, Peel explains the storms may also ensure the seasonal peak is in for carcass weights.

“Steer and heifer carcass weights pushed above year-ago levels the past few weeks with the latest steer carcass weights at 912 lbs. compared to 900 lbs. last year and heifer carcasses at 841 lbs., up from 836 lbs. one year ago on the same date. However, for the year to date, steer carcass weights are down 3.3 lbs. and heifer carcasses are down 4.4 lbs. An early storm like this may set the stage for a long period of feedlot production challenges with impacts persisting and accumulating through the winter.”

Of course, widespread severe weather also can impact demand.

“Winter storms may disrupt transportation and the flow of perishable products to markets,” Peel says. “Though people continue to eat during storms, travel and business disruptions often reduce restaurant traffic and power disruptions may reduce meat demand as consumers hunker down and get through the storm with minimal cooking and more use of prepared and ready-to-eat products.”

Negotiated cash fed cattle trade for the week was mainly $2-$3 higher on a live basis at $118/cwt. in Kansas, $118-$120 in Nebraska and $117-$118 in the western Corn Belt. Dressed trade was $3 higher at $187.

Cattle futures softened Friday, amid light holiday trade and month-end positioning.

Other than unchanged to 10¢ higher in the last three contracts, Live Cattle futures closed an average of 28¢ lower.

Feeder Cattle futures closed an average of 53¢ lower (15¢ lower at the back to $1.05 lower in spot Jan).

Wholesale beef values were steady to weak on light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 12¢ lower Friday afternoon at $232.12/cwt. Select was 30¢ lower at $210.34.

Corn futures closed 4¢ to 8¢ higher through Sep ’20 and then mostly fractionally higher to 1¢ higher.

Soybean futures closed 3¢ to 5¢ lower through Jan ’21 and then most unchanged to fractionally lower.

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Major U.S. financial indices closed lower Friday, amid holiday-shortened trade and likely month-end profit taking and book squaring.

The Dow Jones Industrial Average closed 112 points lower. The S&P 500 closed 12 points lower. The NASDAQ was down 39 points.

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The European Parliament approved the previously announced plan granting the United States a country-specific share of the European Union’s (EU) duty-free high-quality beef quota, according to the US. Meat Export Federation (USMEF).

Specifically, the U.S. will be able to nearly triple its annual duty-free exports of beef to the EU over the next seven years, with annual duty-free exports expected to grow from $150 million to $420 million when the agreement is fully implemented.

“Approval by the European Parliament keeps this agreement on track for implementation in early 2020, which is outstanding news for the U.S. beef industry and our customers in Europe,” according to a USMEF statement. “Lack of capacity in the duty-free quota has been a source of frustration on both sides of the Atlantic, and a U.S.-specific share of the quota will help ensure that U.S. beef can enter the European market 52 weeks per year, without delay or interruption.”

The EU is one of the world’s highest value destinations for U.S. beef.

Although undeveloped through Wednesday afternoon, there was some negotiated cash fed cattle trade in Kansas, with live prices $2 higher than last week at $118/cwt.

Similarly, Choice steers and heifers sold $3.00-$3.25 higher at the fat auction in Tama, IA on Wednesday. There were 124 Ch 2-4 steers weighing an average of 1,477 lbs. that brought an average of $118.12.

Cattle futures closed higher, supported by positive fundamentals, this week’s winter storms and the presumption that Tyson’s Kansas plant will resume operation next week.

Live Cattle futures closed an average of 77¢ higher (47¢ higher to $1.02 higher at the front of the board.

Other than 57¢ higher in the back contract, Feeder Cattle futures closed an average of $1.52 higher.

Wholesale beef values were firm on Choice and lower on Select with light to moderate demand and light offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 40¢ higher Wednesday afternoon at $232.24/cwt. Select was $1.65 lower at $210.64.

Corn futures closed mostly 3¢ to 5¢ lower.

Soybean futures closed 2¢ to 3¢ lower.

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Major U.S. financial indices closed higher again Wednesday on strong economic data. For instance, new durable goods orders were 0.6% higher than the previous month, while economist consensus was for a decline. As well, the Bureau of Economic Analysis revised estimated third-quarter GDP 0.2% higher to 2.1%.

The Dow Jones Industrial Average closed 42 points higher. The S&P 500 closed 13 points higher. The NASDAQ was up 57 points.

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“Lifetime animal health management is increasingly recognized as a significant challenge for the beef cattle industry with implications ranging from fetal programming that impacts lifetime health and productivity; to genetic identification of disease susceptibility; to improved economic incentives for better coordination of animal health management across multiple production sectors,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University. “Improved animal health management not only increases ranch returns but increases value to the entire industry.”

In recent market comments, Peel points out Kansas feedlot survey data underscores what stocker operators and feedlots know far too well: health challenges continue to increase over time.

For instance, based on the aforementioned data, Peel says average feedlot death loss nearly doubled from 0.82% in 1995-1996 to 1.60% in the most recent 24 months. He adds that Bovine Respiratory Disease (BRD) causes 70-80% of feedlot morbidity and 40-50% of feedlot mortality.

“Preconditioning programs add value to cattle and the value is consistently reflected in premiums for certified preconditioned calves sold under programs such as the Oklahoma Quality Beef Network (OQBN). Weaning is arguably the most important component of preconditioning and preconditioning protocols routinely call for a minimum of 45 days of weaning prior to marketing calves,” Peel explains. “Anecdotal indications are that 45 days is becoming a bare minimum with 60 or more days of weaning preferred by buyers struggling with the continuing health challenges of cattle. Calves noted as un-weaned are currently discounted 4-5% in Oklahoma auctions.”

Basis the $162.36/cwt. paid for Medium and Large #1 steers weighing an average of 527 lbs. at Oklahoma National Stockyards on Monday, that was a discount of $6.49 to $8.12/cwt. or roughly $30-$40 per calf.

Of course, some producers are unable to wean and precondition calves, while the added return falls short of added cost and risk for others. In those cases, Peel emphasizes other management that helps increase calf health; such things as complete vaccinations, deworming, castration and dehorning ahead of marketing.

Negotiated cash fed cattle trade remained undeveloped through Tuesday afternoon, based on USDA reports. Recent fundamentals and this week’s winter storms suggest prices should be no worse than steady.

Cattle futures mostly edged higher, amid light trade and waiting for cash direction.

Live Cattle futures closed an average of 52¢ higher, with open interest continuing to build.

After 35¢ and 12¢ lower at the front of the board, Feeder Cattle futures closed an average of 35¢ higher.

Wholesale beef values were lower on Choice and firm on Select with light to moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $1.40 lower Tuesday afternoon at $231.84/cwt. Select was 38¢ higher at $212.29.

Corn futures closed mostly 2¢ lower.

Soybean futures closed 7¢ to 8¢ lower through Aug ’21 and then mostly 3¢ lower.

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Major U.S. financial indices extended gains Tuesday, helped along by positive sales and earnings from major retailers.

The Dow Jones Industrial Average closed 55 points higher. The S&P 500 closed 6 points higher. The NASDAQ was up 15 points.

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U.S. consumers may appear to be creatures of habit in their eating patterns but the foods they eat today have a modern twist influenced by a host of factors such as ethnicity, age/generational group, and health/social consciousness, according to the NPD Group (NPD). That organization has tracked American eating patterns for the last 34 years.

Here are some highlights from NPD Group’s latest annual edition of Eating Patterns in America:

• There were more than 460 billion in-home and away-from-home eating and drinking occasions in the U.S. last year.
• 16% of consumers regularly use plant-based alternatives such as almond milk, tofu, and veggie burgers; 89% of these consumers do not consider themselves vegan or vegetarian.
• 14% of in-home eating occasions included at least one item that required no preparation, compared to only 11% of occasions in 2013.
• Visits to quick-service restaurants increased by 630 million visits since 2014, while total visits to restaurants declined by more than 700 million visits.
• 19% of grocery shoppers now order their edible groceries online; from 2017 to 2020 the average annual growth rate for digital restaurant orders is forecast at 22%.
• One in five adults try to manage a health condition with their food and beverage choices.

“This past year we’ve seen emerging new eating trends that will impact both the food and beverage and restaurant industries in the years to come,” says David Portalatin, NPD Food Industry advisor and author of Eating Patterns in America. “Food manufacturers and restaurant operators will need to understand how these trends will impact their businesses in order to stay ahead of the curve.”

Logic suggested markets should view Friday’s Cattle on Feed as at least neutral, with placements 2% less than expected. However, the fact that placements were 10% higher year over year also suggested there might be an opportunity for bears to press their case with follow-through selling. Instead, Cattle futures climbed higher to start the week, gaining back a lion’s share of Friday’s retreat.

Live Cattle futures closed an average of $1.27 higher.

Feeder Cattle futures closed an average of $2.72 higher.

Wholesale beef values were firm on moderate demand and offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 67¢ higher Monday afternoon at $233.24/cwt. Select was 59¢ higher at $211.91.

Corn futures closed mostly 2¢ to 3¢ higher through Mar ’21 and then 1¢ higher.

Soybean futures closed 2¢ to 4¢ lower through Sep ’20 and then mostly 1¢ higher.

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Major U.S. financial indices closed higher Monday, with growing optimism about the U.S. and China reaching agreement on the first phase of a trade deal.

The Dow Jones Industrial Average closed 190 points higher. The S&P 500 closed 23 points higher. The NASDAQ was up 112 points.

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“Annual average feedlot inventories (12-month moving average) peaked in August but there is a chance that strong placements in the next few months could push to a higher average total,” says Derrell Peel, Extension livestock marketing specialist at Oklahoma State University, in his weekly market comments. “In other words, feedlot inventories are close but may not yet be quite at a cyclical peak.”

Reviewing Friday’s monthly Cattle on Feed report, Peel points out heavy feeders dominated placements.

“Placements of feeder cattle over 800 lbs. were up 29.5% year over year, with placements 700-800 lbs. up 14.9% compared to one year ago,” Peel says.  “Meanwhile, placement of feeders under 600 lbs. were down 6.3% year over year.  In the three months from August-October, placements of feeders over 700 lbs. were up 4.6% year over year, while placements of cattle less than 700 lbs. were down 2.8%. This means that feedlots will be somewhat front-loaded for the next few months.”

As noted in Monday’s Cattle Current, 46.02% of October placements weighed 699 lbs. or less; 40.05% weighed 700-899 lbs.; 13.93% weighed more than 900 lbs.

“It would appear that anecdotal stories of cattle doing very well this summer were accurate, given placement weights,” says David Anderson, Extension livestock economist at Texas A&M University. “It’s interesting to note that 25,000 more head were placed weighing over 1,000 pounds than a year ago. For the year, placements are about half a percent ahead of last year.”

In the latest issue of In the Cattle Markets, Anderson explains most heavyweight placements in the fall usually come in September, while heavyweight placements in the spring usually come in March and May as cattle come off wheat pasture and other winter grazing programs.

The widely expected significant increase in October feedlot placements was confirmed in Friday’s monthly Cattle on Feed report. Although less than most expected (see below), positioning ahead of the report provided the opportunity some had been seeking for a market correction.

Live Cattle futures closed an average of $1.52 lower

Feeder Cattle futures closed an average of $3.03 lower.

Wholesale beef values were sharply lower on light demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was $2.29 lower Friday afternoon at $232.57/cwt. Select was $2.54 lower at $211.32.

Corn futures closed mostly fractionally lower to 1¢ lower.

Soybean futures closed 1¢ to 4¢ lower.

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Major U.S. financial indices closed higher Friday. Once again, many ascribed movement to U.S.-China trade talks; positive this time.

The Dow Jones Industrial Average closed 109 points higher. The S&P 500 closed 6 points higher. The NASDAQ was up 13 points.

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Feedlot placements in October were significantly higher than the previous year, as many expected, but a little less than pre-report estimates, according to Friday’s monthly Cattle on Feed report for feedlots with 1,000 head or more capacity.

There were 2.48 million head placed, which was 10.19% more (+299,000 head) than last year. Ahead of the report, amid a wide range, analyst consensus was for an increase of 12%.

In terms of placement weight, 46.02% weighed 699 lbs. or less; 40.05% weighed 700-899 lbs.; 13.93% weighed more than 900 lbs.

“If you remember back to last year, drought throughout the Plains brought many more calves to market through the summer months than in recent times,” say analysts with USDA’s Agricultural Marketing Service (AMS). “This year, with the excellent grazing conditions and uncertainty fueled by the fire at a packing plant in Kansas, producers were content to graze calves longer. At some point, though, these cattle had to show up at auction or be marketed directly to feedlots.” 

Marketings in October of 1.88 million head were 0.64% less (-12,000 head), which was in line with expectations.

As of Nov. 1, there were 11.83 million head on feed, which was 1.19% more (+139,000 head) than the previous year.

Beef in Cold Storage Declines

Total pounds of beef in freezers Oct. 31 were 1% less than the previous month and 10% less than a year earlier, according to the monthly Cold Storage report issued Friday.

Frozen pork supplies were record large for the month, up 3% from the previous month and up 8% from last year.

Total red meat supplies in freezers were up 1% from the previous month but down 1% from last year.

Total frozen poultry supplies were 7% less than the previous month and 3% less than a year earlier.