Weekly Market Summary... June 2, 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 was 7.00 higher with Northern trade 5.00 higher. Feeder cattle and stocker calves traded about 5.00 higher. Both Live Cattle and Feeder Cattle futures were sharply higher. The dressed beef cutouts and grain were also 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: +0.89%

Change from 10 Days Ago:  +13.27%

   

 60-Day Index Trendline

Change from 60 Days Ago: +27.38%​

Change from 60 Day High:   0.00%​

 

Fed Cattle: Cattle in the South traded at 178.00 with Northern trade at 186.00. In the 3 front months, Live Cattle futures closed 6.40 to 9.07 higher. USDA’s most recent carcass weight data showed weights averaged 885 lbs., compared to 891 lbs. last week and 888 lbs. last year.
  • S-This Week: 178.00 / Month Ago: 172.00 / Year Ago: 135.00 / 5 Year Avg: 124.55
  • N-This Week: 186.00 / Month Ago: 176.00 / Year Ago: 139.00 / 5 Year Avg: 127.04
Feeder Cattle: The national average price for feeder steers @ 224.53, 5.20 higher with trade 2.00 to 9.00 higher. In the 3 front months, Feeder Cattle futures closed from 7.90 to 7.98 higher.
  • This Week: 224.53 / Month Ago: 210.08 / Year Ago: 159.72 / 5 Year Avg: 151.74
Stocker Calves: The national average price for stocker steers @ 267.50, 4.81 higher with trade mostly 1.00 to 8.00 higher.
  • This Week: 267.50 / Month Ago: 257.01 / Year Ago: 187.14 / 5 Year Avg: 174.76
CME Feeder Cattle Index: 208.04, 1.82 lower than last Friday.
  • This Week: 208.04 / Month Ago: 199.46 / Year Ago: 154.29 / 5 Year Avg: 151.07
Boxed Beef Cutouts: Choice cutout 6.00 higher at 309.93 and the Select cutout 6.01 higher at 290.93. The Choice/Select spread at 19.00, 0.01 lower.
  • This Week: 309.93 / Month Ago: 309.19 / Year Ago: 267.26 / 5 Year Avg: 249.13
Cutter Cow Cutout: 2.57 higher at 224.87.
Slaughter Cows: Trade steady to 6.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, June 03, 2023 was estimated at 907.7 million lbs. according to the USDA’s Agricultures Marketing Service. This was 11.3 percent lower than a week ago and 3.5 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 0.13 higher @ 6.79 with July futures @ 6.0900, 0.0500 higher. Wheat 0.17 lower at 7.72 and July futures @ 6.1900, up 0.0300.