Weekly Market Summary... March 1, 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 the Southern Plains was steady with Northern Plains trade 0.50 higher. Both feeder cattle and stocker calves were higher. Live cattle futures were mixed with feeder cattle futures lower. The dressed beef cutouts and corn were 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: +5.00%

Change from 10 Days Ago:  +6.21%

   

 60-Day Index Trendline

Change from 60 Days Ago: +41.39%​

Change from 60 Day High:  0.00%​

 

Fed Cattle: Southern Plains trade was steady at 183.00 with Northern Plains trade 0.50 higher at 183.50. In the 3 front months, Live Cattle futures closed the week from 0.30 lower to 0.55 higher. USDA’s carcass weight data showed weights averaged 914 lbs. this week, compared to 912 lbs. last week, and 906 lbs. last year.
  • S: This Week: 183.00 / Month Ago: 178.00 / Year Ago: 165.00 / 5 Year Avg: 133.97
  • N: This Week: 183.50 / Month Ago: 177.00 / Year Ago: 166.00 / 5 Year Avg: 135.30
Feeder Cattle: The national average price for feeder steers was 251.35, 2.06 higher with trade mostly steady to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 1.60 to 1.90 lower.
  • This Week: 251.35 / Month Ago: 241.28 / Year Ago: 188.10 / 5 Year Avg: 165.59
Stocker Calves: The national average price for stocker steers was 312.22, 2.13 higher with trade mostly steady to 4.00 higher.
  • This Week: 312.22 / Month Ago: 298.29 / Year Ago: 229.15 / 5 Year Avg: 191.56
CME Feeder Cattle Index: 247.00, 2.00 higher than last Friday.
  • This Week: 247.00 / Month Ago: 239.17 / Year Ago: 185.43 / 5 Year Avg: 164.04
Boxed Beef Cutouts: The Choice cutout was 4.67 higher at 305.28 and the Select cutout 9.43 higher at 295.74. The Choice/Select spread at 9.54, 4.76 narrower.
  • This Week: 305.28 / Month Ago: 293.08 / Year Ago: 289.32 / 5 Year Avg: 262.75
Cutter Cow Cutout: 2.02 lower at 240.00.
Slaughter Cows: Trade mostly 1.00 to 5.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, March 2nd was estimated at 1051.5 million lbs. according to the USDA Marketing Service. This was 0.2 percent lower than a week ago and 1.2 percent lower than a year ago.  Cumulative meat production for the year to date was 1.5 percent lower compared to the previous year.
Corn: Omaha Corn was 0.06 higher at 4.18 with May futures at 4.2475, 0.2500 higher.

 

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