Weekly Market Summary... January 6, 2023

A look at the week’s prices, trends, and news for the cattle/beef complex.

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For the week, slaughter cattle traded steady with feeder and stocker cattle significantly higher. Live cattle futures were lower with feeder cattle futures mixed. Dressed beef cutouts were higher with grain lower.
   

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: -0.38%

Change from 10 Days Ago: +3.18%

   

 60-Day Index Trendline

Change from 60 Days Ago: +8.15%​

Change from 60 Day High:  -1.16%​

 

Slaughter Cattle: Trade in the South steady at 157.00 with Northern dressed trade also steady at 252.00. In the 3 front months, Live Cattle futures closed 1.13 to 1.27 lower. USDA’s most recent carcass weight data showed weights averaged 920 lbs., 7 lbs. lighter than last week and 5 lbs. lighter than last year.
  • This Week: 157.00 / Month Ago: 154.00 / Year Ago: 138.00 / 5 Year Avg: 121.20
Feeder Cattle: The national average price for feeder steers @ 178.51, 3.67 higher with trade mostly 3.00 to 6.00 higher. In the 3 front months, Feeder Cattle futures closed from 1.00 lower to 0.43 higher.
  • This Week: 178.51 / Month Ago: 174.80 / Year Ago: 159.04 / 5 Year Avg: 147.45
Stocker Calves: The national average price for stocker steers @ 206.23, 5.95 higher with trade 4.00 to 8.00 higher.
  • This Week: 206.23 / Month Ago: 200.28 / Year Ago: 181,85 / 5 Year Avg: 169.37
CME Feeder Cattle Index: 180.32, 1.61 lower than last week.
  • This Week: 180.32 / Month Ago: 179.22 / Year Ago: 161.79 / 5 Year Avg: 147.16
Boxed Beef Cutouts: Choice cutout 1.01 higher at 282.99 and the Select cutout 8.41 higher at 259.34. The Choice/Select spread at 23.65, 7.40 lower.
  • This Week: 282.99 / Month Ago: 248.93 / Year Ago: 271.82 / 5 Year Avg: 243.08
Cutter Cow Cutout: 1.07 higher at 194.04
Slaughter Cows: Trade mostly 3.00 to 6.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, January 07, 2023 was estimated at 966.4 million lbs. according to the USDA’s Agriculture's Marketing Service. This was 3.5 percent higher than a week ago and 10.9 percent lower than a year ago.  Cumulative meat production for the year to date was 51.7 percent lower compared to the previous year.
Grain: Corn was 0.34 lower @ 6.89 with March futures @ 6.5400, 0.2450 lower. Wheat 0.64 lower at 7.89 and the futures @ 7.4350, down 0.4850.