Weekly Market Summary... June 23, 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 3.00 lower with Northern trade 2.00 lower. Feeder cattle, stocker calves, cattle futures, and the dressed beef cutouts were all lower. Corn spiked higher early but lost ground during the week and closed 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: +1.75%

Change from 10 Days Ago:  -8.95%

   

 60-Day Index Trendline

Change from 60 Days Ago: +14.08%​

Change from 60 Day High:  -10.25%​

 

Fed Cattle: Cattle in the South traded at 180.00 with Northern trade at 183.00. In the 3 front months, Live Cattle futures closed from 0.85 to 0.95 lower. USDA’s most recent carcass weight data showed weights averaged 882 lbs., compared to 887 lbs. last week and 879 lbs. last year.
  • S-This Week: 180.00 / Month Ago: 171.00 / Year Ago: 137.00 / 5 Year Avg: 125.36
  • N-This Week: 183.00 / Month Ago: 181.00 / Year Ago: 144.00 / 5 Year Avg: 127.83
Feeder Cattle: The national average price for feeder steers was 228.99, 2.62 lower with trade 1.00 higher to 6 lower. In the 3 front months, Feeder Cattle futures closed from 0.15 to 0.97 lower.
  • This Week: 228.99 / Month Ago: 219.55 / Year Ago: 165.81 / 5 Year Avg: 152.78
Stocker Calves: The national average price for stocker steers was 267.35, 4.40 lower with trade 2.00 higher to 8.00 lower.
  • This Week: 267.35 / Month Ago: 262.69 / Year Ago: 190.62 / 5 Year Avg: 176.00
CME Feeder Cattle Index: 221.00, 2.76 lower than last Friday.
  • This Week: 221.00 / Month Ago: 209.86 / Year Ago: 163.71 / 5 Year Avg: 151.98
Boxed Beef Cutouts: Choice cutout 9.08 lower at 334.01 and the Select cutout 10.99 lower at 299.96. The Choice/Select spread at 34.05, 1.91 higher.
  • This Week: 334.01 / Month Ago: 303.93 / Year Ago: 264.98 / 5 Year Avg: 250.33
Cutter Cow Cutout: 3.52 higher at 232.06.
Slaughter Cows: Trade steady to 3.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, June 24, 2023 was estimated at 1035.2 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.8 percent higher than a week ago and 0.1 percent higher than a year ago.  Cumulative meat production for the year to date was 2.2 percent lower compared to the previous year.
Grain: Omaha Corn was 0.14 lower at 6.51 with July futures at 6.3075, 0.0950 lower. Wheat 0.08 higher at 8.07 and July futures @ 7.3325, up 0.4525.