Weekly Market Summary... May 17, 2024

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

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Compared to last week, fed cattle trade in the Southern Plains and Northern Plains was higher, as were feeder cattle and stocker calves. Live cattle futures and feeder cattle future surged higher with dressed beef cutouts sharply higher and 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: +3.80%

Change from 10 Days Ago:  +11.57%

   

 60-Day Index Trendline

Change from 60 Days Ago:   -8.09%​

Change from 60 Day High:  -9.60%​

 

Fed Cattle: Trade in the Southern Plains was 2.00 higher at 186.00 with Northern Plains 3.00 higher at 190.00. In the 3 front months, Live Cattle futures closed the week from 4.53 to 4.93 higher. USDA’s carcass weight data showed weights averaged 923 lbs. this week, compared to 920 lbs. last week and 890 lbs. last year.
  • S: This Week: 186.00 / Month Ago: 182.00 / Year Ago: 170.00 / 5 Year Avg: 136.44
  • N: This Week: 190.00 / Month Ago: 183.00 / Year Ago: 178.00 / 5 Year Avg: 139.17
Feeder Cattle: The national average price for feeder steers was 259.23, 1.64 higher with trade mostly 1.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 7.92 to 9.25 higher.
  • This Week: 259.23 / Month Ago: 254.35 / Year Ago: 214.80 / 5 Year Avg: 170.31
Stocker Calves: The national average price for stocker steers was 320.95, 3.21 higher with trade 1.00 lower to 5.00 higher.
  • This Week: 320.95 / Month Ago: 314.67 / Year Ago: 260.62 / 5 Year Avg: 197.81
CME Feeder Cattle Index: 243.04, 2.43 higher than last Friday.
  • This Week: 243.04 / Month Ago: 241.73 / Year Ago: 202.36 / 5 Year Avg: 168.48
Boxed Beef Cutouts: The Choice cutout was 18.88 higher at 313.45 and the Select cutout 13.23 higher at 297.40. The Choice/Select spread is at 16.05, 5.65 wider.
  • This Week: 313.45 / Month Ago: 295.67 / Year Ago: 301.10 / 5 Year Avg: 265.93
Cutter Cow Cutout: 1.03 higher at 271.75.
Slaughter Cows: Trade mostly 2.00 lower to 5.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, May 18th was estimated at 1027.7 million lbs. according to the USDA Marketing Service. This was 1.4 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 percent lower compared to the previous year.
Corn: Omaha Corn was 0.20 lower at 4.43 with July futures at 4.5250, 0.1725 lower.

 

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