Weekly Market Summary... June 30, 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 and North were mostly steady in limited trade. Feeder cattle traded 4.00 higher with stocker calves steady.  Live cattle and feeder futures were both higher. The dressed beef cutouts were seasonally lower. Reacting to today’s acreage report, corn cratered.
   

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: +6.43%

Change from 10 Days Ago:  +16.37%

   

 60-Day Index Trendline

Change from 60 Days Ago: +40.17%​

Change from 60 Day High:   0.00%​

 

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 10.73 higher in the front month. USDA’s most recent carcass weight data showed weights averaged 882 lbs., compared to 882 lbs. last week and 879 lbs. last year.
  • S-This Week: 180.00 / Month Ago: 178.00 / Year Ago: 137.00 / 5 Year Avg: 125.64
  • N-This Week: 183.00 / Month Ago: 186.00 / Year Ago: 145.00 / 5 Year Avg: 128.78
Feeder Cattle: The national average price for feeder steers was 232.92, 3.93 higher with trade 2.00 to 9.00 higher. In the 3 front months, Feeder Cattle futures closed from 12.37 to 13.62 higher.
  • This Week: 232.92 / Month Ago: 224.53 / Year Ago: 168.88 / 5 Year Avg: 153.12
Stocker Calves: The national average price for stocker steers was 267.25, 0.10 lower with trade 2.00 lower to 6.00 higher.
  • This Week: 267.25 / Month Ago: 267.50 / Year Ago: 191.97 / 5 Year Avg: 176.40
CME Feeder Cattle Index: 232.75, 11.75 higher than last Friday.
  • This Week: 232.75 / Month Ago: 208.04 / Year Ago: 165.67 / 5 Year Avg: 152.29
Boxed Beef Cutouts: Choice cutout 6.29 lower at 327.72 and the Select cutout 6.33 lower at 293.63. The Choice/Select spread at 34.09, 0.05 higher.
  • This Week: 327.72 / Month Ago: 309.93 / Year Ago: 263.82 / 5 Year Avg: 250.78
Cutter Cow Cutout: 2.15 higher at 234.21.
Slaughter Cows: Trade steady to 3.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, July 01, 2023 was estimated at 1020.7 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.4 percent lower than a week ago and 1.5 percent higher than a year ago.  Cumulative meat production for the year to date was 2.1 percent lower compared to the previous year.
Grain: Omaha Corn was 1.00 lower at 5.51 with September futures at 4.8850, 0.9625 lower. Wheat 0.65 lower at 7.42 and September futures @ 6.5100, down 0.9550.