For the week, slaughter cattle traded 1.00 higher in the South and steady in the North. Feeder cattle traded slightly lower and stocker calves slightly higher. Both Live Cattle futures and Feeder Cattle Futures were higher. Dressed beef cutouts were lower.
While a smaller U.S. cow herd and fewer cattle on feed imply higher beef and cattle prices for 2023, cattlemen should keep an eye on crude oil. Crude oil prices have dropped over 30% since early summer and nearly $9 this week, not because of increased supplies but lower demand due to recessionary pressure on household budgets.
As stated in Rabobank’s November 2022 Global Beef Quarterly report, "U.S. consumers will likely eat as much beef as they can afford."
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: +0.32%
Change from 10 Days Ago: +0.03%
60-Day Index Trendline
Change from 60 Days Ago: +2.45%
Change from 60 Day High: -0.77%
Slaughter Cattle: Trade in the South 1.00 higher at 151.00 with Northern dressed trade steady at 242.00. In the 3 front months, Live Cattle futures closed from 1.55 to 2.20 higher. USDA’s most recent carcass weight data showed weights averaged 925 lbs., 3 lbs. lighter than last week and 6 lbs. heavier than last year.
- This Week: 151.00 / Month Ago: 148.00 / Year Ago: 133.00 / 5 Year Avg: 120.31
Feeder Cattle: The national average price for feeder steers @ 172.74, 0.53 lower with trade mostly 2.00 higher to 2.00 lower. In the 3 front months, Feeder Cattle futures closed from 1.50 to 2.20 higher.
- This Week: 172.74 / Month Ago: 172.88 / Year Ago: 152.37 / 5 Year Avg: 146.69
Stocker Calves: The national average price for stocker steers @ 193.81, 0.23 higher with trade 3.00 higher to 2.00 lower.
- This Week: 193.81 / Month Ago: 189.85 / Year Ago: 168.10 / 5 Year Avg: 168.45
CME Feeder Cattle Index: 175.36, 0.10 lower than last week.
- This Week: 175.36 / Month Ago: 172.94 / Year Ago: 155.65 / 5 Year Avg: 146.59
Boxed Beef Cutouts: Choice cutout 4.07 lower at 254.87 and the Select cutout 2.44 lower at 232.83. The Choice/Select spread at 22.04, 1.63 lower.
- This Week: 254.87 / Month Ago: 253.71 / Year Ago: 278.41 / 5 Year Avg: 241.67
Cutter Cow Cutout: 1.73 higher at 195.73
Slaughter Cows: Trade mostly 3.00 higher to 2.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, November 19, 2022 was estimated at 1124.3 million lbs. according to the USDA’s Agriculture's Marketing Service. This was 2.4 percent higher than a week ago and 1.4 percent lower than a year ago. Cumulative meat production for the year to date was 0.5 percent lower compared to the previous year.
Grain: Corn was 0.07 higher @ 7.12 with December futures @ 6.6775, 0.0975 higher. Wheat 0.18 lower at 8.76 and the futures @ 8.0325, down 0.1050.
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