Weekly Market Summary... March 31, 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 the South traded 3.00 higher with dressed trade in the North 6.00 higher. Feeder cattle & stocker calves traded 3.00 and 2.00 higher respectively. Live Cattle futures and Feeder Cattle futures were sharply higher. Dressed beef cutouts and grain were both 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: +1.53%

Change from 10 Days Ago: +6.12%

   

 60-Day Index Trendline

Change from 60 Days Ago: +16.83%​

Change from 60 Day High:     0.00%​

 

Fed Cattle: Trade in the South 3.00 higher at 166.00 with Northern trade 6.00 higher at 271.00 on a dressed basis. In the 3 front months, Live Cattle futures closed from 5.00 to 5.52 higher. USDA’s most recent carcass weight data showed weights averaged 899 lbs., 4 lbs. lighter than last week and 17 lbs. lighter than last year.
  • This Week: 166.00 / Month Ago: 165.00 / Year Ago: 138.00 / 5 Year Avg: 122.83
Feeder Cattle: The national average price for feeder steers @ 194.33, 2.94 higher with trade steady to 5.00 higher. In the 3 front months, Feeder Cattle futures closed from 6.02 to 7.85 higher.
  • This Week: 194.33 / Month Ago: 188.10 / Year Ago: 160.29 / 5 Year Avg: 149.29
Stocker Calves: The national average price for stocker steers @ 237.88, 1.91 higher with trade mostly 1.00 lower to 4.00 higher.
  • This Week: 237.88 / Month Ago: 229.15 / Year Ago: 194.16 / 5 Year Avg: 171.75
CME Feeder Cattle Index: 193.34, 4.49 higher than last Friday.
  • This Week: 193.34 / Month Ago: 185.43 / Year Ago: 156.05 / 5 Year Avg: 148.78
Boxed Beef Cutouts: Choice cutout 2.19 higher at 282.07 and the Select cutout 1.97 higher at 270.72. The Choice/Select spread at 11.35, 0.22 higher.
  • This Week: 282.07 / Month Ago: 289.32 / Year Ago: 267.14 / 5 Year Avg: 246.21
Cutter Cow Cutout: 0.16 lower at 215.34.
Slaughter Cows: Trade ranged from 2.00 lower to 3.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, April 01, 2023 was estimated at 1080.3 million lbs. according to the USDA’s Agriculture Marketing Service. This was 2.8 percent higher than a week ago and 1.1 percent higher than a year ago.  Cumulative meat production for the year to date was 1.5 percent lower compared to the previous year.
Grain: Corn was 0.18 higher @ 6.90 with May futures @ 6.6050, 0.1750 higher. Wheat 0.08 higher at 7.02 and the futures @ 6.9225, up 0.0375.