Weekly Market Summary... April 5, 2024

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

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For the week, cash cattle prices were moderately lower with both cattle futures and dressed beef sharply 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: -5.17%

Change from 10 Days Ago:  -14.91%

   

 60-Day Index Trendline

Change from 60 Days Ago: -3.41%​

Change from 60 Day High:  -18.61%​

 

Fed Cattle: Trade in the South was 2.00 lower at 184.00 with Northern trade 2.00 lower at 187.00. In the 3 front months, Live Cattle futures closed the week 6.75 to 8.23 lower. USDA’s carcass weight data showed weights averaged 924 lbs. this week, compared to 922 lbs. last week, and 895 lbs. last year.
  • S: This Week: 184.00 / Month Ago: 183.00 / Year Ago: 166.00 / 5 Year Avg: 135.09
  • N: This Week: 187.00 / Month Ago: 183.50 / Year Ago: 168.00 / 5 Year Avg: 136.84
Feeder Cattle: The national average price for feeder steers was 257.69, 1.89 lower with trade mostly 5.00 lower to 1.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 9.42 to 10.53 lower.
  • This Week: 257.69 / Month Ago: 254.03 / Year Ago: 198.08 / 5 Year Avg: 167.77
Stocker Calves: The national average price for stocker steers was 322.16, 2.20 lower with trade mostly 7.00 lower to 2.00 higher.
  • This Week: 322.16 / Month Ago: 316.76 / Year Ago: 242.80 / 5 Year Avg: 194.47
CME Feeder Cattle Index: 248.97, 0.02 lower than last Friday.
  • This Week: 248.97 / Month Ago: 248.74 / Year Ago: 193.22 / 5 Year Avg: 166.14
Boxed Beef Cutouts: The Choice cutout was 9.55 lower at 297.17 and the Select cutout 8.73 lower at 294.70. The Choice/Select spread at 3.29, 5.96 narrower.
  • This Week: 297.17 / Month Ago: 307.04 / Year Ago: 290.98 / 5 Year Avg: 264.37
Cutter Cow Cutout: 3.99 higher at 267.39.
Slaughter Cows: Trade mostly steady to 4.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, April 6th was estimated at 1038 million lbs. according to the USDA Marketing Service. This was 2.4 percent higher than a week ago and 2.5 percent higher 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 0.08 lower at 4.42 with May futures at 4.3425, 0.0775 lower.

 

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