Weekly Market Summary... June 16, 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 were 2.00 lower in limited trade with Northern trade 4.00 lower. Feeder cattle and stocker calves were slightly lower with regional differences. Live Cattle futures were mixed with Feeder Cattle futures lower. The dressed beef cutouts were higher. Corn was sharply 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: -1.57%

Change from 10 Days Ago:  +0.36%

   

 60-Day Index Trendline

Change from 60 Days Ago: +16.33%​

Change from 60 Day High:   -6.58%​

 

Fed Cattle: Cattle in the South traded at 183.00 with Northern trade at 185.00. In the 3 front months, Live Cattle futures closed from 0.55 higher to 0.13 lower. USDA’s most recent carcass weight data showed weights averaged 887 lbs., compared to 883 lbs. last week and 882 lbs. last year.
  • S-This Week: 183.00 / Month Ago: 170.00 / Year Ago: 140.00 / 5 Year Avg: 125.08
  • N-This Week: 185.00 / Month Ago: 178.00 / Year Ago: 144.00 / 5 Year Avg: 127.83
Feeder Cattle: The national average price for feeder steers was 231.61, 0.23 lower with trade 4.00 lower to 3.00 higher. In the 3 front months, Feeder Cattle futures closed from 3.20 to 4.08 lower.
  • This Week: 231.61 / Month Ago: 214.80 / Year Ago: 163.82 / 5 Year Avg: 152.43
Stocker Calves: The national average price for stocker steers was 271.76, 1.01 lower with trade mostly 5.00 lower to 4.00 higher.
  • This Week: 271.76 / Month Ago: 260.62 / Year Ago: 189.07 / 5 Year Avg: 175.58
CME Feeder Cattle Index: 223.76, 1.56 higher than last Friday.
  • This Week: 223.76 / Month Ago: 202.36 / Year Ago: 162.17 / 5 Year Avg: 151.66
Boxed Beef Cutouts: Choice cutout 10.16 higher at 343.09 and the Select cutout 5.24 higher at 310.95. The Choice/Select spread at 32.14, 4.92 higher.
  • This Week: 343.09 / Month Ago: 301.10 / Year Ago: 276.26 / 5 Year Avg: 249.86
Cutter Cow Cutout: 0.52 higher at 228.54.
Slaughter Cows: Trade 7.00 lower to 2.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, June 17, 2023 was estimated at 1016.8 million lbs. according to the USDA’s Agricultures Marketing Service. This was 0.7 percent higher than a week ago and 3.2 percent lower than a year ago.  Cumulative meat production for the year to date was 2.3 percent lower compared to the previous year.
Grain: Omaha Corn was 0.23 higher at 6.65 with July futures at 6.4025, 0.3600 higher. Wheat 0.,45 higher at 7.99 and July futures @ 6.8800, up 0.5775.