Weekly Market Summary... February 9, 2024

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 & Northern Plains was higher, as were feeder cattle and stocker calves. Live cattle futures and feeder cattle futures were also 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: +0.67%

Change from 10 Days Ago:  +11.97%

   

 60-Day Index Trendline

Change from 60 Days Ago: +39.81%​

Change from 60 Day High:  0.00%​

 

Fed Cattle: Southern Plains trade was 1.00 higher at 179.00 with light Northern Plains trade 3.00 higher at 180.00. In the 3 front months, Live Cattle futures closed the week from 2.20 to 4.07 higher. USDA’s carcass weight data showed weights averaged 912 lbs. this week, compared to 918 lbs. last week, and 910 lbs. last year.
  • S: This Week: 179.00 / Month Ago: 172.00 / Year Ago: 160.00 / 5 Year Avg: 133.17
  • N: This Week: 180.00 / Month Ago: 175.00 / Year Ago: 161.00 / 5 Year Avg: 134.90
Feeder Cattle: The national average price for feeder steers was 244.37, 3.10 higher with trade mostly 1.00 to 6.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 0.40 to 2.35 higher.
  • This Week: 244.37 / Month Ago: 227.90 / Year Ago: 182.35 / 5 Year Avg: 164.39
Stocker Calves: The national average price for stocker steers was 304.66, 6.38 higher with trade mostly in a range of 3.00 to 8.00 higher.
  • This Week: 304.66 / Month Ago: 282.03 / Year Ago: 218.68 / 5 Year Avg: 189.95
CME Feeder Cattle Index: 242.95, 3.78 higher than last Friday.
  • This Week: 242.95 / Month Ago: 228.00 / Year Ago: 183.09 / 5 Year Avg: 162.85
Boxed Beef Cutouts: The Choice cutout was 0.96 higher at 294.04 and the Select cutout 1.61 higher at 285.08. The Choice/Select spread at 9.61, 1.79 narrower.
  • This Week: 294.04 / Month Ago: 289.26 / Year Ago: 269.66 / 5 Year Avg: 261.81
Cutter Cow Cutout: 4.13 higher at 233.89.
Slaughter Cows: Trade mostly 2.00 lower to 3.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, February 10th was estimated at 1093.6 million lbs. according to the USDA Marketing Service. This was 2.9 percent lower than a week ago and 3.7 percent higher than a year ago.  Cumulative meat production for the year to date was 2.1 percent lower compared to the previous year.
Corn: Omaha Corn was 0.18 lower at 4.40 with March futures at 4.2875, 0.1400 lower.

 

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