Weekly Market Summary... July 7, 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 Southern Plains were 2.00 lower while trade in the North was 1.00 higher. Feeder cattle traded 1.50 higher with stocker calves about 1.00 higher.  Live cattle futures were mixed while feeder futures were lower. The dressed beef cutouts were significantly lower. Corn was slightly 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: +3.32%

Change from 10 Days Ago:  +16.36%

   

 60-Day Index Trendline

Change from 60 Days Ago: +40.48%​

Change from 60 Day High:   -3.38%​

 

Fed Cattle: Cattle in the South traded at 178.00 with Northern trade at 184.00. In the 3 front months, Live Cattle futures closed from 4.80 lower in the front month to 3.62 higher. USDA’s most recent carcass weight data showed weights averaged 883 lbs., compared to 882 lbs. last week and 883 lbs. last year.
  • S-This Week: 178.00 / Month Ago: 185.00 / Year Ago: 137.00 / 5 Year Avg: 125.91
  • N-This Week: 184.00 / Month Ago: 189.00 / Year Ago: 149.00 / 5 Year Avg: 128.45
Feeder Cattle: The national average price for feeder steers was 234.38, 1.46 higher with trade mostly steady to 3.00 higher. In the 3 front months, Feeder Cattle futures closed from 2.15 to 2.30 lower.
  • This Week: 234.38 / Month Ago: 231.85 / Year Ago: 170.40 / 5 Year Avg: 153.47
Stocker Calves: The national average price for stocker steers was 269.22, 0.90 higher with trade mostly steady to 2.00 higher.
  • This Week: 269.22 / Month Ago: 272.77 / Year Ago: 193.61 / 5 Year Avg: 176.79
CME Feeder Cattle Index: 231.21, 1.54 lower than last Friday.
  • This Week: 231.21 / Month Ago: 222.20 / Year Ago: 168.39 / 5 Year Avg: 152.64
Boxed Beef Cutouts: Choice cutout 10.82 lower at 316.90 and the Select cutout 8.00 lower at 285.63. The Choice/Select spread at 31.27, 2.82 lower.
  • This Week: 316.90 / Month Ago: 332.93 / Year Ago: 267.89 / 5 Year Avg: 251.22
Cutter Cow Cutout: 0.17 lower at 234.04.
Slaughter Cows: Trade steady to 2.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, July 08, 2023 was estimated at 851.3 million lbs. according to the USDA’s Agricultures Marketing Service. This was 16.8 percent lower than a week ago and 5.5 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 0.01 higher at 5.51 with September futures at 4.8725, 0.0125 lower. Wheat 0.26 higher at 7.68 and September futures @ 6.4950, down 0.0150.