Weekly Market Summary... June 9, 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 3.00 higher. Feeder cattle and stocker calves traded 7.00 and 5.00 higher respectively. Live Cattle futures were mixed with Feeder Cattle futures lower. The dressed beef cutouts were higher and are approaching the COVID record levels. Corn was 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: +0.84%

Change from 10 Days Ago:  +18.79%

   

 60-Day Index Trendline

Change from 60 Days Ago: +30.09%​

Change from 60 Day High:   -0.33%​

 

Fed Cattle: Cattle in the South traded at 185.00 with Northern trade at 189.00. In the 3 front months, Live Cattle futures closed from 1.80 higher to 1.20 lower higher. USDA’s most recent carcass weight data showed weights averaged 883 lbs., compared to 885 lbs. last week and 882 lbs. last year.
  • S-This Week: 185.00 / Month Ago: 170.00 / Year Ago: 137.00 / 5 Year Avg: 124.81
  • N-This Week: 189.00 / Month Ago: 176.00 / Year Ago: 143.00 / 5 Year Avg: 127.29
Feeder Cattle: The national average price for feeder steers was 231.85, 7.31 higher with trade 5.00 to 12.00 higher. In the 3 front months, Feeder Cattle futures closed from 2.90 to 3.50 lower.
  • This Week: 231.85 / Month Ago: 212.00 / Year Ago: 161.77 / 5 Year Avg: 152.07
Stocker Calves: The national average price for stocker steers was 272.77, 5.27 higher with trade mostly 2.00 to 9.00 higher.
  • This Week: 272.77 / Month Ago: 258.07 / Year Ago: 190.40 / 5 Year Avg: 175.16
CME Feeder Cattle Index: 222.20, 14.16 higher than last Friday.
  • This Week: 222.20 / Month Ago: 200.58 / Year Ago: 161.87 / 5 Year Avg: 151.35
Boxed Beef Cutouts: Choice cutout 23.00 higher at 332.93 and the Select cutout 14.78 higher at 305.71. The Choice/Select spread at 27.22, 8.22 higher.
  • This Week: 332.93 / Month Ago: 304.61 / Year Ago: 271.32 / 5 Year Avg: 249.44
Cutter Cow Cutout: 3.15 higher at 228.02.
Slaughter Cows: Trade 3.00 to 8.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, June 10, 2023 was estimated at 1014.5 million lbs. according to the USDA’s Agricultures Marketing Service. This was 11.9 percent higher than a week ago and 4.1 percent lower 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 0.19 lower at 6.42 with July futures at 6.0425, 0.0475 lower. Wheat 0.18 lower at 7.54 and July futures @ 6.3025, up 0.1125.