Weekly Market Summary... December 22, 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 South Plains and North Plains was at 171.00. Feeder cattle were steady with stocker calves about 1.50 higher. Live cattle futures were mixed and feeder cattle futures higher. The dressed beef cutouts were slightly higher with corn lower.
   

Cattle/Beef Market Velocity Trendlines +/-

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: +0.69%

Change from 10 Days Ago:  +4.27%

   

 60-Day Index Trendline

Change from 60 Days Ago: -17.35%​

Change from 60 Day High: -22.85%​

 

Fed Cattle: Trade in the South 1.00 higher at 171.00 and the North 3.00 higher at 171.00. In the 3 front months, Live Cattle futures closed the week from 0.83 lower to 1.83 higher. USDA’s carcass weight data showed weights averaged 939 lbs. this week, compared to 940 lbs. last week, and 928 lbs. last year.
  • S: This Week: 171.00 / Month Ago: 177.00 / Year Ago: 155.00 / 5 Year Avg: 131.95
  • N: This Week: 171.00 / Month Ago: 177.00 / Year Ago: 157.00 / 5 Year Avg: 134.85
Feeder Cattle: The national average price for feeder steers was 224.10, 0.07 higher with trade mostly 3.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 1.85 to 2.95 higher.
  • This Week: 224.10 / Month Ago: 232.94 / Year Ago: 174.84 / 5 Year Avg: 162.42
Stocker Calves: The national average price for stocker steers was 271.37, 1.47 higher with trade mostly in a range of 2.00 lower to 3.00 higher.
  • This Week: 271.37 / Month Ago: 274.36 / Year Ago: 200.28 / 5 Year Avg: 187.22
CME Feeder Cattle Index: 219.81, 0.74 higher than last Friday.
  • This Week: 219.81 / Month Ago: 225.24 / Year Ago: 176.75 / 5 Year Avg: 160.90
Boxed Beef Cutouts: The Choice cutout was 1.29 higher at 292.93 and the Select cutout 0.33 higher at 261.15. The Choice/Select spread at 31.78, 0.96 wider.
  • This Week: 292.93 / Month Ago: 298.03 / Year Ago: 271.95 / 5 Year Avg: 260.02
Cutter Cow Cutout: 6.25 lower at 202.82.
Slaughter Cows: Trade mostly 4.00 higher to 3.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, December 23, 2023 was estimated at 1051.6 million lbs. according to the USDA’s Agricultures Marketing Service. This was 6.7 percent lower than a week ago and 24.6 percent higher than a year ago.  Cumulative meat production for the year to date was 1.8 percent lower compared to the previous year.
Corn: Omaha Corn was 0.10 lower at 4.63 with March futures at 4.7300, 0.1000 lower.

 

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