Weekly Market Summary... February 3, 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 were steady while feeder and stocker cattle traded higher. Live Cattle futures and Feeder Cattle futures were higher. Dressed beef cutouts were mixed and grain 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: +0.42%

Change from 10 Days Ago: +2.90%

   

 60-Day Index Trendline

Change from 60 Days Ago: +5.18%​

Change from 60 Day High:  -0.98%​

 

Slaughter Cattle: Extremely light trade at 156.00 in the South and 248.00 on a dressed basis in the North, both steady with last week. In the 3 front months, Live Cattle futures closed 3.30 to 4.50 higher. USDA’s most recent carcass weight data showed weights averaged 904 lbs., 10 lbs. lighter than last week and 12 lbs. lighter than last year.
  • This Week: 156.00 / Month Ago: 157.00 / Year Ago: 140.00 / 5 Year Avg: 121.74
Feeder Cattle: The national average price for feeder steers @ 179.76, 1.86 higher with trade 1.00 to 4.00 higher. In the 3 front months, Feeder Cattle futures closed from 2.63 to 3.07 higher.
  • This Week: 179.76 / Month Ago: 177.91 / Year Ago: 159.41 / 5 Year Avg: 147.98
Stocker Calves: The national average price for stocker steers @ 212.72, 1.95 higher with trade 1.00 lower to 7.00 higher.
  • This Week: 212.72 / Month Ago: 206.23 / Year Ago: 188.02 / 5 Year Avg: 170.04
CME Feeder Cattle Index: 181.45, 1.88 higher than last week.
  • This Week: 181.45 / Month Ago: 180.32 / Year Ago: 160.17 / 5 Year Avg: 147.61
Boxed Beef Cutouts: Choice cutout 3.02 lower at 264.74 and the Select cutout 1.07 higher at 251.61. The Choice/Select spread at 13.13, 4.09 lower.
  • This Week: 264.74 / Month Ago: 282.99 / Year Ago: 279.81 / 5 Year Avg: 244.15
Cutter Cow Cutout: 1.96 higher at 198.31
Slaughter Cows: Trade mostly 2.00 to 7.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, February 04, 2023 was estimated at 1094.9 million lbs. according to the USDA’s Agriculture's Marketing Service. This was 0.7 percent lower than a week ago and 2.3 percent higher than a year ago.  Cumulative meat production for the year to date was 0.6 percent higher compared to the previous year.
Grain: Corn was 0.07 lower @ 7.12 with March futures @ 6.7750, 0.0550 lower. Wheat 0.06 lower at 8.12 and the futures @ 7.5675, up 0.0675.