Weekly Market Summary... February 23, 2024

A look at the week’s prices, trends, and news for the cattle/beef complex.

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For the week, all classes of cattle were higher, as were live cattle and feeder cattle futures. The choice dressed beef cutout was 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: +3.38%

Change from 10 Days Ago:  +6.56%

   

 60-Day Index Trendline

Change from 60 Days Ago: +43.81%​

Change from 60 Day High:  0.00%​

 

Fed Cattle: Southern Plains trade was 3.00 higher at 183.00 with Northern Plains trade 2.00 higher at 183.00. In the 3 front months, Live Cattle futures closed the week from 0.83 to 1.05 higher. USDA’s carcass weight data showed weights averaged 912 lbs. this week, compared to 909 lbs. last week, and 902 lbs. last year.
  • S: This Week: 183.00 / Month Ago: 175.00 / Year Ago: 162.00 / 5 Year Avg: 133.74
  • N: This Week: 183.00 / Month Ago: 176.00 / Year Ago: 164.00 / 5 Year Avg: 135.48
Feeder Cattle: The national average price for feeder steers was 249.28, 2.72 higher with trade mostly 2.00 lower to 6.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 3.55 to 6.45 higher.
  • This Week: 249.28 / Month Ago: 234.88 / Year Ago: 184.24 / 5 Year Avg: 165.18
Stocker Calves: The national average price for stocker steers was 310.09, 2.60 higher with trade mostly 2.00 lower to 8.00 higher.
  • This Week: 310.09 / Month Ago: 291.10 / Year Ago: 224.52 / 5 Year Avg: 191.02
CME Feeder Cattle Index: 245.00, 0.42 higher than last Friday.
  • This Week: 245.00 / Month Ago: 232.06 / Year Ago: 182.77 / 5 Year Avg: 163.64
Boxed Beef Cutouts: The Choice cutout was 4.41 higher at 300.61 and the Select cutout 0.35 lower at 286.31. The Choice/Select spread at 14.30, 4.76 wider.
  • This Week: 300.61 / Month Ago: 300.53 / Year Ago: 287.28 / 5 Year Avg: 262.43
Cutter Cow Cutout: 5.66 higher at 242.02.
Slaughter Cows: Trade mostly steady to 6.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, February 24th was estimated at 1054 million lbs. according to the USDA Marketing Service. This was 1.1 percent lower than a week ago and 3.4 percent higher than a year ago.  Cumulative meat production for the year to date was 1.4 percent lower compared to the previous year.
Corn: Omaha Corn was 0.19 lower at 4.12 with March futures at 3.9975, 0.1650 lower.

 

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