Weekly Market Summary... May 5, 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 1.00 lower with dressed trade in the North 5.00 lower. Feeder cattle were slightly lower and stocker calves traded 2.50 higher. Live Cattle and Feeder Cattle futures were sharply lower. The dressed beef cutouts were lower with 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: -1.58%

Change from 10 Days Ago:  -6.81%

   

 60-Day Index Trendline

Change from 60 Days Ago: +3.69%​

Change from 60 Day High:   -8.75%​

 

Fed Cattle: Trade in the South was 1.00 lower at 172.00 with Northern trade 5.00 lower at 281.00 on a dressed basis. In the 3 front months, Live Cattle futures closed from 3.55 to 4.27 lower. USDA’s most recent carcass weight data showed weights averaged 892 lbs., compared to 894 lbs. last week and 906 lbs. last year.
  • This Week: 172.00 / Month Ago: 170.00 / Year Ago: 140.00 / 5 Year Avg: 123.77
Feeder Cattle: The national average price for feeder steers @ 210.01, 0.61 lower with trade 3.00 lower to 2.00 higher in the Western States. In the 3 front months, Feeder Cattle futures closed from 8.45 to 9.30 lower.
  • This Week: 210.01 / Month Ago: 198.08 / Year Ago: 159.98 / 5 Year Avg: 150.58
Stocker Calves: The national average price for stocker steers @ 257.01, 2.53 higher with trade mostly 3.00 lower to 2.00 higher.
  • This Week: 257.01 / Month Ago: 242.80 / Year Ago: 190.57 / 5 Year Avg: 173.30
CME Feeder Cattle Index: 199.46, 3.74 lower than last Friday.
  • This Week: 199.46 / Month Ago: 193.22 / Year Ago: 155.60 / 5 Year Avg: 150.04
Boxed Beef Cutouts: Choice cutout 2.25 lower at 309.19 and the Select cutout 0.18 lower at 288.16. The Choice/Select spread at 21.03, 2.07 lower.
  • This Week: 309.19 / Month Ago: 290.98 / Year Ago: 254.44 / 5 Year Avg: 247.97
Cutter Cow Cutout: 0.66 lower at 219.53.
Slaughter Cows: Trade mostly steady to 4.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, May 06, 2023 was estimated at 1042.6 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.0 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 0.22 higher @ 6.52 with July futures @ 5.9650, 0.1150 higher. Wheat 0.47 higher at 8.03 and July futures @ 6.6025, up 0.3650.