Weekly Market Summary... September 22, 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 Southern Plains and the North were both steady with last week. Feeder cattle and stocker calves were about 1.00 higher. Live cattle futures were mixed and feeder cattle futures were lower. The dressed beef cutouts closed the week lower with corn 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: +1.71%

Change from 10 Days Ago:  +1.27%

   

 60-Day Index Trendline

Change from 60 Days Ago: +23.97%​

Change from 60 Day High:    -5.05%​

 

Fed Cattle: Trade in the South at 183.00 with Northern trade at 185.00, both steady with last week. In the 3 front months, Live Cattle futures closed the week from 0.15 higher to 0.77 lower. USDA’s carcass weight data showed weights averaged 917 lbs. this week, compared to 908 lbs. last week and 914 lbs. last year.
  • S: This Week: 183.00 / Month Ago: 179.00 / Year Ago: 144.00 / 5 Year Avg: 128.85
  • N: This Week: 185.00 / Month Ago: 185.00 / Year Ago: 145.00 / 5 Year Avg: 132.71
Feeder Cattle: The national average price for feeder steers was 255.26, 0.85 higher with trade mostly 2.00 lower to 6.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 3.26 to 5.32 lower.
  • This Week: 255.26 / Month Ago: 249.60 / Year Ago: 179.78 / 5 Year Avg: 157.79
Stocker Calves: The national average price for stocker steers was 286.57, 1.40 higher with trade mostly in a range of 1.00 lower to 5.00 higher.
  • This Week: 286.57 / Month Ago: 281.00 / Year Ago: 198.17 / 5 Year Avg: 181.56
CME Feeder Cattle Index: 253.22, 0.17 lower than last Friday.
  • This Week: 253.22 / Month Ago: 245.59 / Year Ago: 178.12 / 5 Year Avg: 156.65
Boxed Beef Cutouts: Choice cutout 2.38 lower at 303.33 and the Select cutout 2.69 lower at 280.43. The Choice/Select spread at 22.90, 0.31 higher.
  • This Week: 303.33 / Month Ago: 317.90 / Year Ago: 248.63 / 5 Year Avg: 255.55
Cutter Cow Cutout: 3.02 lower at 242.96.
Slaughter Cows: Trade mostly 3.00 lower to 2.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, September 23rd, was estimated at 1040.9 million lbs. according to the USDA’s Agricultures Marketing Service.  This was 0.3 percent lower than a week ago and 5.4 percent lower than a year ago.  Cumulative meat production for the year to date was 2.6 percent lower compared to the previous year.
Corn: Omaha Corn was 0.12 higher at 4.87 with December futures at 4.7725, 0.0100 higher.

 

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