Weekly Market Summary... March 22, 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 in the Southern Plains & Northern Plains were higher, as were feeder cattle and stocker calves. Live cattle and feeder cattle futures were mostly lower. The dressed beef cutouts were lower with corn higher.  After a good week, most market indicators were lower on Friday.
   

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: -3.25%

Change from 10 Days Ago:  +4.52%

   

 60-Day Index Trendline

Change from 60 Days Ago: +32.38%​

Change from 60 Day High:  -3.25%​

 

Fed Cattle: Southern Plains trade was 2.00 higher at 188.00 with Northern Plains trade 2.50 higher at 190.00. In the 3 front months, Live Cattle futures closed the week from 1.12 lower to 0.25 higher. USDA’s carcass weight data showed weights averaged 922 lbs. this week, compared to 919 lbs. last week, and 903 lbs. last year.
  • S: This Week: 188.00 / Month Ago: 183.00 / Year Ago: 163.00 / 5 Year Avg: 134.63
  • N: This Week: 190.00 / Month Ago: 183.00 / Year Ago: 164.50 / 5 Year Avg: 135.98
Feeder Cattle: The national average price for feeder steers was 259.93, 3.30 higher with trade mostly steady to 5.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 2.23 lower to 0.68 higher.
  • This Week: 259.93 / Month Ago: 249.28 / Year Ago: 191.39 / 5 Year Avg: 166.87
Stocker Calves: The national average price for stocker steers was 325.09, 3.20 higher with trade mostly steady to 6.00 higher.
  • This Week: 325.09 / Month Ago: 310.09 / Year Ago: 235.97 / 5 Year Avg: 193.27
CME Feeder Cattle Index: 251.38, 2.38 higher than last Friday.
  • This Week: 251.38 / Month Ago: 245.00 / Year Ago: 188.85 / 5 Year Avg: 165.29
Boxed Beef Cutouts: The Choice cutout was 1.18 lower at 310.72 and the Select cutout 0.93 lower at 301.47. The Choice/Select spread at 9.25, 0.25 narrower.
  • This Week: 310.72 / Month Ago: 300.61 / Year Ago: 279.88 / 5 Year Avg: 263.74
Cutter Cow Cutout: 1.30 higher at 257.10.
Slaughter Cows: Trade mostly 1.00 to 7.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, March 23, 2024 was estimated at 1049.8 million lbs. according to the USDA Marketing Service. This was 1.3 percent higher than a week ago and 0.4 percent lower than a year ago.  Cumulative meat production for the year to date was 1.7 percent lower compared to the previous year.
Corn: Omaha Corn was 0.10 higher at 4.53 with May futures at 4.3925, 0.0250 higher.

 

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