Weekly Market Summary... October 13, 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 1.00 higher with Northern trade 3.00 higher. Feeder cattle and stocker calves were about 1.00 lower. Live cattle futures were marginally higher with feeder cattle futures mixed. The dressed beef cutouts were lower with corn steady.
   

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: -2.03%

Change from 10 Days Ago:  -4.64%

   

 60-Day Index Trendline

Change from 60 Days Ago: +0.63%​

Change from 60 Day High: -17.02%​

 

Fed Cattle: Trade in the South was 1.00 higher at 183.00 with Northern trade at 186.00, 3.00 higher. In the 3 front months, Live Cattle futures closed the week from 0.15 to 2.05 higher. USDA’s carcass weight data showed weights averaged 920 lbs. this week, compared to 918 lbs. last week and 917 lbs. last year.
  • S: This Week: 183.00 / Month Ago: 183.00 / Year Ago: 145.00 / 5 Year Avg: 129.88
  • N: This Week: 186.00 / Month Ago: 185.00 / Year Ago: 148.00 / 5 Year Avg: 133.77
Feeder Cattle: The national average price for feeder steers was 249.29, 1.11 lower with trade mostly 2.00 higher to 4.00 lower. In the 3 front months, Feeder Cattle futures closed the week from 1.50 higher to 1.52 lower.
  • This Week: 249.29 / Month Ago: 254.41 / Year Ago: 174.03 / 5 Year Avg: 159.36
Stocker Calves: The national average price for stocker steers was 282.17, 0.80 lower with trade mostly in a range of 2.00 higher to 5.00 lower.
  • This Week: 282.17 / Month Ago: 285.17 / Year Ago: 189.27 / 5 Year Avg: 183.31
CME Feeder Cattle Index: 250.11, 0.07 higher than last Friday.
  • This Week: 250.11 / Month Ago: 253.39 / Year Ago: 174.11 / 5 Year Avg: 158.10
Boxed Beef Cutouts: Choice cutout 1.21 lower at 300.80 and the Select cutout 0.29 lower at 275.49. The Choice/Select spread at 25.31, 0.92 lower.
  • This Week: 300.80 / Month Ago: 305.71 / Year Ago: 246.98 / 5 Year Avg: 256.86
Cutter Cow Cutout: 6.53 lower at 231.28.
Slaughter Cows: Trade mostly 4.00 lower to 1.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, October 14th, was estimated at 1057.9 million lbs. according to the USDA’s Agricultures Marketing Service. This was 0.2 percent higher than a week ago and 3.8 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 steady at 4.78 with December futures at 4.9325, 0.0125 higher.

 

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