Weekly Market Summary... September 29, 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 steady with Northern trade 1.00 lower. Feeder cattle and stocker calves were about 2.00 lower. Live cattle futures and feeder cattle futures were both sharply lower. The dressed beef cutouts and corn were also 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: -3.04%

Change from 10 Days Ago:  -10.27%

   

 60-Day Index Trendline

Change from 60 Days Ago: +3.89%​

Change from 60 Day High: -12.87%​

 

Fed Cattle: Trade in the South steady at 183.00 with Northern trade at 184.00, 1.00 lower. In the 3 front months, Live Cattle futures closed the week from 2.87 to 3.05 lower. USDA’s carcass weight data showed weights averaged 919 lbs. this week, compared to 917 lbs. last week and 918 lbs. last year.
  • S: This Week: 183.00 / Month Ago: 179.00 / Year Ago: 143.00 / 5 Year Avg: 129.13
  • N: This Week: 184.00 / Month Ago: 183.00 / Year Ago: 145.00 / 5 Year Avg: 132.71
Feeder Cattle: The national average price for feeder steers was 253.25, 1.99 lower with trade mostly 5.00 lower to 1.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 6.68 to 8.62 lower.
  • This Week: 253.25 / Month Ago: 250.67 / Year Ago: 176.34 / 5 Year Avg: 158.20
Stocker Calves: The national average price for stocker steers was 284.20, 2.37 lower with trade mostly in a range of 4.00 lower to 1.00 higher.
  • This Week: 284.20 / Month Ago: 281.86 / Year Ago: 195.68 / 5 Year Avg: 182.02
CME Feeder Cattle Index: 252.11, 1.11 lower than last Friday.
  • This Week: 252.11 / Month Ago: 248.96 / Year Ago: 175.46 / 5 Year Avg: 157.02
Boxed Beef Cutouts: Choice cutout 2.55 lower at 300.78 and the Select cutout 4.39 lower at 276.04. The Choice/Select spread at 22.90, 0.31 higher.
  • This Week: 300.78 / Month Ago: 314.49 / Year Ago: 243.75 / 5 Year Avg: 255.93
Cutter Cow Cutout: 3.85 lower at 239.11.
Slaughter Cows: Trade mostly 2.00 to 6.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, September 30th was estimated at 1047.3 million lbs. according to the USDA’s Agricultures Marketing Service. This was 0.6 percent higher than a week ago and 3.4 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 0.10 lower at 4.72 with December futures at 4.7625, 0.0050 lower.

 

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