Weekly Market Summary... April 28, 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 and dressed trade in the North were 2.00 lower. Feeder cattle & stocker calves traded 1.00 to 3.00 higher, respectively. Live Cattle and Feeder Cattle futures were mixed. The 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: -0.93%

Change from 10 Days Ago: +0.95%

   

 60-Day Index Trendline

Change from 60 Days Ago: +17.67%​

Change from 60 Day High:    -0.93%​

 

Fed Cattle: Trade in the South was 2.00 lower at 173.00 with Northern trade 2.00 lower at 286.00 on a dressed basis. In the 3 front months, Live Cattle futures closed from 0.33 lower to 0.95 higher. USDA’s most recent carcass weight data showed weights averaged 894 lbs., compared to 892 lbs. last week and 909 lbs. last year.
  • This Week: 173.00 / Month Ago: 166.00 / Year Ago: 140.00 / 5 Year Avg: 123.58
Feeder Cattle: The national average price for feeder steers @ 210.69, 1.25 higher with trade 2.00 lower to 8.00 higher in the Western States. In the 3 front months, Feeder Cattle futures closed from 1.43 lower to 1.05 higher.
  • This Week: 210.69 / Month Ago: 194.33 / Year Ago: 159.28 / 5 Year Avg: 150.31
Stocker Calves: The national average price for stocker steers @ 254.48, 2.77 higher with trade mostly steady to 8.00 higher.
  • This Week: 254.48 / Month Ago: 237.88 / Year Ago: 190.85 / 5 Year Avg: 172.96
CME Feeder Cattle Index: 203.20, 0.10 higher than last Friday.
  • This Week: 203.20 / Month Ago: 193.34 / Year Ago: 155.64 / 5 Year Avg: 149.80
Boxed Beef Cutouts: Choice cutout 4.84 higher at 311.44 and the Select cutout 0.54 higher at 288.34. The Choice/Select spread at 23.10, 4.30 higher.
  • This Week: 311.44 / Month Ago: 282.07 / Year Ago: 260.98 / 5 Year Avg: 247.62
Cutter Cow Cutout: 2.53 higher at 220.19.
Slaughter Cows: Trade ranged from 1.00 higher to 4.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, April 29, 2023 was estimated at 1029 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.6 percent lower than a week ago and 2.6 percent lower than a year ago.  Cumulative meat production for the year to date was 2 percent lower compared to the previous year.
Grain: Omaha Corn was 0.49 lower @ 6.30 with May futures @ 6.3600, 0.2725 lower. Wheat 0.50 lower at 7.36 and the futures @ 6.1975, down 0.4200.