Weekly Market Summary... April 26, 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 trade in the Northern Plains about 2.00 higher.  Feeder cattle and stocker calves were both higher. Live cattle futures and feeder cattle futures were higher with dressed beef cutouts mixed and 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: +1.88%

Change from 10 Days Ago:  +8.22%

   

 60-Day Index Trendline

Change from 60 Days Ago:   -9.67%​

Change from 60 Day High:  -14.85%​

 

Fed Cattle: Trade in the South was steady at 182.00 with Northern trade 2.00 higher at 185.00. In the 3 front months, Live Cattle futures closed the week from 2.90 to 3.22 higher. USDA’s carcass weight data showed weights averaged 922 lbs. this week, compared to 919 lbs. last week, and 894 lbs. last year.
  • S: This Week: 182.00 / Month Ago: 186.00 / Year Ago: 173.00 / 5 Year Avg: 135.76
  • N: This Week: 185.00 / Month Ago: 189.00 / Year Ago: 176.00 / 5 Year Avg: 138.20
Feeder Cattle: The national average price for feeder steers was 256.67, 2.32 higher with trade mostly 1.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 6.70 to 7.15 higher.
  • This Week: 256.67 / Month Ago: 259.49 / Year Ago: 210.69 / 5 Year Avg: 169.03
Stocker Calves: The national average price for stocker steers was 316.73, 2.06 higher with trade mostly 1.00 lower to 7.00 higher.
  • This Week: 316.73 / Month Ago: 324.36 / Year Ago: 254.48 / 5 Year Avg: 196.14
CME Feeder Cattle Index: 245.53, 3.80 higher than last Friday.
  • This Week: 245.53 / Month Ago: 248.99 / Year Ago: 203.20 / 5 Year Avg: 167.33
Boxed Beef Cutouts: The Choice cutout was 1.47 higher at 297.14 and the Select cutout 2.11 lower at 288.72. The Choice/Select spread is at 8.42, 3.58 wider.
  • This Week: 297.14 / Month Ago: 306.72 / Year Ago: 311.44 / 5 Year Avg: 265.18
Cutter Cow Cutout: 0.14 higher at 269.86.
Slaughter Cows: Trade mostly 2.00 higher to 3.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, April 27th was estimated at 1035 million lbs. according to the USDA Marketing Service. This was 2.7 percent lower than a week ago and 0.6 percent higher than a year ago.  Cumulative meat production for the year to date was 1.2 percent lower compared to the previous year.
Corn: Omaha Corn was 0.21 higher at 4.67 with July futures at 4.5000, 0.0700 higher.

 

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