Weekly Market Summary... November 17, 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 both the Southern and Northern regions was 3.00 lower. Feeder cattle traded 4.00 lower with stocker calves about 3.00 lower. Live cattle futures and feeder cattle futures both closed higher. The Choice dressed beef cutout was lower with the Select cutout higher. Corn was 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: +1.37%
Change from 10 Days Ago: -10.84%
60-Day Index Trendline
Change from 60 Days Ago: -33.03%
Change from 60 Day High: -33.65%
Fed Cattle: Trade in the South and North was 3.00 lower at 178.00. In the 3 front months, Live Cattle futures closed the week from 1.50 to 2.15 higher. USDA’s carcass weight data showed weights averaged 927 lbs. this week, compared to 928 lbs. last week and 926 lbs. last year.
- S: This Week: 178.00 / Month Ago: 185.00 / Year Ago: 151.00 / 5 Year Avg: 131.04
- N: This Week: 178.00 / Month Ago: 186.00 / Year Ago: 154.00 / 5 Year Avg: 134.97
Feeder Cattle: The national average price for feeder steers was 232.03, 4.13 lower with trade mostly 2.00 to 7.00 lower. In the 3 front months, Feeder Cattle futures closed the week from 0.35 lower to 2.35 higher.
- This Week: 232.03 / Month Ago: 247.22 / Year Ago: 173.74 / 5 Year Avg: 160.84
Stocker Calves: The national average price for stocker steers was 273.71, 3.35 lower with trade mostly in a range of 7.00 lower to 1.00 higher.
- This Week: 273.71 / Month Ago: 283.10 / Year Ago: 193.81 / 5 Year Avg: 185.13
CME Feeder Cattle Index: 228.64, 6.78 lower than last Friday.
- This Week: 228.64 / Month Ago: 243.99 / Year Ago: 175.36 / 5 Year Avg: 159.42
Boxed Beef Cutouts: The Choice cutout was 6.59 lower at 293.87 and the Select cutout 3.28 higher at 270.70. The Choice/Select spread at 23.17, 9.87 lower.
- This Week: 293.87 / Month Ago: 305.38 / Year Ago: 254.87 / 5 Year Avg: 258.46
Cutter Cow Cutout: 4.16 lower at 225.03
Slaughter Cows: Trade mostly 1.00 higher to 4.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, November 18th, was estimated at 1096 million lbs. according to the USDA’s Agriculture Marketing Service. This was 3.0 percent higher than a week ago and 2.6 percent lower than a year ago. Cumulative meat production for the year to date was 2.5 percent lower compared to the previous year.
Corn: Omaha Corn was higher at 4.72 with December futures at 4.6700, 0.0300 higher.
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