Weekly Market Summary... October 27, 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 7.00 lower. Live cattle futures and feeder cattle futures closed the week sharply lower. The dressed beef cutouts were higher with corn 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: +1.73%

Change from 10 Days Ago:  -12.14%

   

 60-Day Index Trendline

Change from 60 Days Ago: -18.20%​

Change from 60 Day High: -27.75%​

 

Fed Cattle: Trade in the South was steady at 185.00 with Northern trade 1.00 lower at 185.00. In the 3 front months, Live Cattle futures closed the week from 0.27 to 4.77 lower. USDA’s carcass weight data showed weights averaged 927 lbs. this week, compared to 922 lbs. last week and 920 lbs. last year.
  • S: This Week: 185.00 / Month Ago: 183.00 / Year Ago: 153.00 / 5 Year Avg: 130.24
  • N: This Week: 185.00 / Month Ago: 184.00 / Year Ago: 153.00 / 5 Year Avg: 134.15
Feeder Cattle: The national average price for feeder steers was 239.80, 7.43 lower with trade mostly 2.00 to 10.00 lower. In the 3 front months, Feeder Cattle futures closed the week from 5.32 to 7.35 lower.
  • This Week: 239.80 / Month Ago: 253.25 / Year Ago: 173.43 / 5 Year Avg: 159.77
Stocker Calves: The national average price for stocker steers was 275.74, 7.37 lower with trade mostly in a range of 3.00 to 11.00 lower.
  • This Week: 275.74 / Month Ago: 284.20 / Year Ago: 191.42 / 5 Year Avg: 183.82
CME Feeder Cattle Index: 239.73, 4.26 lower than last Friday.
  • This Week: 239.73 / Month Ago: 252.11 / Year Ago: 175.85 / 5 Year Avg: 158.44
Boxed Beef Cutouts: The Choice cutout was 2.19 higher at 307.57 and the Select cutout 2.05 higher at 280.12. The Choice/Select spread at 27.45, 0.14 higher.
  • This Week: 307.57 / Month Ago: 300.78 / Year Ago: 263.26 / 5 Year Avg: 257.44
Cutter Cow Cutout: 2.22 lower at 231.34 lower.
Slaughter Cows: Trade mostly 1.00 to 4.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, October 28th, was estimated at 1080.2 million lbs. according to the USDA’s Agricultures Marketing Service. This was 0.2 percent higher than a week ago and 2.7 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 lower at 4.70 with December futures at 4.8075, 0.1475 lower.

 

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