Weekly Market Summary... May 19, 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 trade in the South and North were both steady. Feeder cattle and stocker calves traded about 2.50 higher. Live Cattle and Feeder Cattle futures were higher. The dressed beef cutouts and corn were 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: +0.70%

Change from 10 Days Ago:  +6.15%

   

 60-Day Index Trendline

Change from 60 Days Ago: +16.87%​

Change from 60 Day High:   -2.53%​

 

Fed Cattle: Cattle in the South traded at 170.00 with dressed trade in the North at 280.00. In the 3 front months, Live Cattle futures closed 1.32 to 2.30 higher. USDA’s most recent carcass weight data showed weights averaged 895 lbs., compared to 890 lbs. last week and 898 lbs. last year.
  • This Week: 170.00 / Month Ago: 175.00 / Year Ago: 138.00 / 5 Year Avg: 124.12
Feeder Cattle: The national average price for feeder steers @ 214.80, 2.80 higher with trade steady to 5.00 higher. In the 3 front months, Feeder Cattle futures closed from 0.80 to 6.13 higher.
  • This Week: 214.80 / Month Ago: 209.44 / Year Ago: 158.53 / 5 Year Avg: 151.12
Stocker Calves: The national average price for stocker steers @ 260.62, 2.55 higher with trade mostly 1.00 lower to 5.00 higher.
  • This Week: 260.62 / Month Ago: 251.71 / Year Ago: 188.48 / 5 Year Avg: 174.00
CME Feeder Cattle Index: 202.36, 1.78 higher than last Friday.
  • This Week: 202.36 / Month Ago: 203.10 / Year Ago: 153.05 / 5 Year Avg: 150.52
Boxed Beef Cutouts: Choice cutout 3.51 lower at 301.10 and the Select cutout 0.74 lower at 283.94. The Choice/Select spread at 17.16, 2.77 lower.
  • This Week: 301.10 / Month Ago: 306.60 / Year Ago: 262.17 / 5 Year Avg: 248.56
Cutter Cow Cutout: 0.27 higher at 221.21.
Slaughter Cows: Trade mostly 1.00 to 3.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, May 20, 2023 was estimated at 1047.7 million lbs. according to the USDA’s Agricultures Marketing Service. This was 0.4 percent higher than a week ago and 2.8 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 0.26 lower @ 6.23 with July futures @ 5.5450, 0.3175 lower. Wheat 0.53 lower at 7.94 and July futures @ 6.0500, down 0.3000.