Weekly Market Summary... February 24, 2023
A look at the week’s prices, trends, and news for the cattle/beef complex.
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For the week, fed cattle in both the South and North were steady. Feeder Cattle and stocker calves traded higher. Both Live Cattle and Feeder Cattle futures closed higher. Dressed beef cutouts were sharply higher again this week with grain spiking 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: +0.22%
Change from 10 Days Ago: +4.43%
60-Day Index Trendline
Change from 60 Days Ago: +10.52%
Change from 60 Day High: 0.00%
Slaughter Cattle: Trade in the South at 162.00 with Northern trade at 257.00 on a dressed basis. In the 3 front months, Live Cattle futures closed 0.95 to 1.63 higher. USDA’s most recent carcass weight data showed weights averaged 902 lbs., 6 lbs. lighter than last week and 16 lbs. lighter than last year.
- This Week: 162.00 / Month Ago: 155.00 / Year Ago: 142.00 / 5 Year Avg: 122.14
Feeder Cattle: The national average price for feeder steers @ 184.24, 1.69 higher with trade mostly steady to 5.00 higher. In the 3 front months, Feeder Cattle futures closed from 2.55 to 0.3.70 higher.
- This Week: 184.24 / Month Ago: 177.91 / Year Ago: 161.08 / 5 Year Avg: 148.42
Stocker Calves: The national average price for stocker steers @ 224.52, 3.18 higher with trade mostly 2.00 to 6.00 higher.
- This Week: 224.52 / Month Ago: 210.77 / Year Ago: 195.87/ 5 Year Avg: 170.61
CME Feeder Cattle Index: 182.77, 0.14 higher than last week.
- This Week: 182.77 / Month Ago: 179.57 / Year Ago: 160.02 / 5 Year Avg: 148.01
Boxed Beef Cutouts: Choice cutout 6.24 higher at 287.28 and the Select cutout 11.19 higher at 277.08. The Choice/Select spread at 10.20, 4.95 lower.
- This Week: 287.28 / Month Ago: 267.76 / Year Ago: 258.27 / 5 Year Avg: 244.89
Cutter Cow Cutout: 2.72 higher at 207.09
Slaughter Cows: Trade mostly steady to 6.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, February 25, 2023 was estimated at 1027.2 million lbs. according to the USDA’s Agriculture's Marketing Service. This was 3.5 percent lower than a week ago and 6.0 percent lower than a year ago. Cumulative meat production for the year to date was 1.7 percent lower compared to the previous year.
Grain: Corn was 0.23 lower @ 6.80 with March futures @ 6.5000, 0.2775 lower. Wheat 0.72 lower at 8.05 and the futures @ 7.0825, down 0.5725.