Weekly Market Summary... November 3, 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 and Northern regions was mostly steady in light trade. Feeder cattle and stocker calves were about 1.50 higher. Live cattle futures and feeder cattle futures closed higher. The dressed beef cutouts were 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: -2.32%

Change from 10 Days Ago:  +4.65%

   

 60-Day Index Trendline

Change from 60 Days Ago: -14.23%​

Change from 60 Day High: -26.10%​

 

Fed Cattle: Trade in the South and North was steady at 185.00. In the 3 front months, Live Cattle futures closed the week from 1.65 to 2.92 higher. USDA’s carcass weight data showed weights averaged 927 lbs. this week, compared to 927 lbs. last week and 925 lbs. last year.
  • S: This Week: 185.00 / Month Ago: 182.00 / Year Ago: 150.00 / 5 Year Avg: 130.51
  • N: This Week: 185.00 / Month Ago: 184.00 / Year Ago: 153.00 / 5 Year Avg: 134.42
Feeder Cattle: The national average price for feeder steers was 241.21, 1.42 higher with trade mostly 2.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 3.70 to 4.05 higher.
  • This Week: 241.21 / Month Ago: 250.40 / Year Ago: 174.71 / 5 Year Avg: 160.147
Stocker Calves: The national average price for stocker steers was 277.54, 1.81 higher with trade mostly in a range of 3.00 lower to 5.00 higher.
  • This Week: 277.54 / Month Ago: 282.97 / Year Ago: 193.78 / 5 Year Avg: 184.25
CME Feeder Cattle Index: 237.62, 2.11 lower than last Friday.
  • This Week: 237.62 / Month Ago: 250.04 / Year Ago: 176.99 / 5 Year Avg: 158.77
Boxed Beef Cutouts: The Choice cutout was 5.23 lower at 302.34 and the Select cutout 8.11 lower at 272.01. The Choice/Select spread at 30.33, 2.88 higher.
  • This Week: 302.34 / Month Ago: 302.01 / Year Ago: 263.75 / 5 Year Avg: 257.81
Cutter Cow Cutout: 0.35 higher at 231.69.
Slaughter Cows: Trade mostly 1.00 higher to 4.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, November 04, 2023 was estimated at 1093.4 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.2 percent higher than a week ago and 1.9 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 4.77 with December futures at 4.7725, 0.0350 higher.

 

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