For the week, surging grain prices diminished the value of cattle across the board. Slaughter cattle were lower with feeder cattle and stocker calves starting the week higher with lower prices by week’s end. Dressed beef was lower while corn and wheat trade was sharply higher.
Cattle/Beef Complex Indexes...
Indexes track the daily market values for the past 10 & 60 days. Each daily value is the weighted total of the Gain/(Loss) for 15 market factors compared to the previous trading day.
10-Day Index Trendline
Change from Previous Day: -1.29%
Change from 10 Days Ago: -7.43%
60-Day Index Trendline
Change from 60 Days Ago: -8.50%
Change from 60 Day High: -8.80%
Slaughter Cattle: Trade in the South was 2.00 lower at 140.00 and Northern dressed trade also 2.00 lower at 225.00. In the 3 front months, Live Cattle futures closed from 3.27 to 6.15 lower. USDA’s most recent carcass weight data showed weights were 3 lbs. heavier than last week at 921 lbs., 12 lbs. more than a year ago.
Feeder Cattle: The national average price for feeder steers @ 158.75, 2.33 lower with trade mostly 1.00 to 3.00 lower. In the 3 front months, Feeder Cattle futures closed 6.90 to 8.25 lower.
Stocker Calves: The national average price for stocker steers @ 195.83, 0.03 lower with trade starting the week higher but turning steady to lower by mid-week.
CME Feeder Cattle Index: 156.19, 3.83 lower than last Friday.
Boxed Beef Cutouts: Choice cutout 3.94 lower at 254.33 and the Select cutout 7.00 lower at 248.41. The Choice/Select spread was 5.92, 3.06 higher.
Cutter Cow Cutout: 0.19 higher at 228.32.
Slaughter Cows: Trade 2.00 to 5.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, March 05, 2022 was estimated at 1086 million lbs. according to the USDA's Marketing Service. This was 0.7 percent lower than a week ago and 2.2 percent lower than a year ago. Cumulative meat production for the year to date was 4.2 percent lower compared to the previous year.
Grain: Corn was 0.56 higher @ 7.16 with May futures @ 7.5425, 0.9475 higher. Wheat 2.43 higher @ 11.00 and the futures @ 12.0900, up 3.6600.