Weekly Market Summary... December 8, 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 in the Southern and Northern regions were 4.00 lower. Feeder cattle and stocker calves were about 4.00 and 1.00 lower, respectively. Live cattle futures were lower with feeder cattle futures mixed. The dressed beef cutouts were lower with corn higher.
   

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: +2.50%

Change from 10 Days Ago:  -5.43%

   

 60-Day Index Trendline

Change from 60 Days Ago: -32.17%​

Change from 60 Day High: -35.08%​

 

Fed Cattle: Trade in the South and North was 4.00 lower at 171.00. In the 3 front months, Live Cattle futures closed the week from 2.32 to 3.82 lower. USDA’s carcass weight data showed weights averaged a record-high 940 lbs. this week, compared to 936 lbs. last week and 927 lbs. last year.
  • S: This Week: 171.00 / Month Ago: 181.00 / Year Ago: 155.00 / 5 Year Avg: 131.74
  • N: This Week: 171.00 / Month Ago: 181.00 / Year Ago: 156.00 / 5 Year Avg: 134.64
Feeder Cattle: The national average price for feeder steers was 224.68, 4.01 lower with trade mostly 3.00 to 6.00 lower. In the 3 front months, Feeder Cattle futures closed the week from 0.88 higher to 1.97 lower.
  • This Week: 224.68 / Month Ago: 236.15 / Year Ago: 174.80 / 5 Year Avg: 161.81
Stocker Calves: The national average price for stocker steers was 269.12, 1.07 lower with trade mostly in a range of 4.00 higher 5.00 lower.
  • This Week: 269.12 / Month Ago: 277.05 / Year Ago: 199.07 / 5 Year Avg: 186.38
CME Feeder Cattle Index: 220.04, 5.85 lower than last Friday.
  • This Week: 220.04 / Month Ago: 235.42 / Year Ago: 179.22 / 5 Year Avg: 160.33
Boxed Beef Cutouts: The Choice cutout was 9.45 lower at 288.01 and the Select cutout 7.59 lower at 257.90. The Choice/Select spread at 30.11, 1.86 narrower.
  • This Week: 288.01 / Month Ago: 300.46 / Year Ago: 248.93 / 5 Year Avg: 259.42
Cutter Cow Cutout: 1.10 higher at 216.02.
Slaughter Cows: Trade mostly steady to 4.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, December 9th was estimated at 1111.4 million lbs. according to the USDA’s Agricultures Marketing Service. This was 0.2 percent higher than a week ago and 0.7 percent higher than a year ago.  Cumulative meat production for the year to date was 2.4 percent lower compared to the previous year.
Corn: Omaha Corn was 5.00 higher at 4.75 with March futures at 4.8550, 0.0075 higher.

 

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