Weekly Market Summary... May 24, 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 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: +1.25%

Change from 10 Days Ago:  +18.18%

   

 60-Day Index Trendline

Change from 60 Days Ago: +3.46%​

Change from 60 Day High:   0.00%​

 

Fed Cattle: Trade in the Southern Plains was 1.00 higher at 187.00 with Northern Plains 2.00 higher at 192.00. In the 3 front months, Live Cattle futures closed the week from 2.07 to 2.65 higher. USDA’s carcass weight data showed weights averaged 923 lbs. this week, compared to 923 lbs. last week and 891 lbs. last year.
  • S: This Week: 187.00 / Month Ago: 182.00 / Year Ago: 171.00 / 5 Year Avg: 136.69
  • N: This Week: 192.00 / Month Ago: 185.00 / Year Ago: 181.00 / 5 Year Avg: 139.43
Feeder Cattle: The national average price for feeder steers was 261.18, 1.95 higher with trade mostly 1.00 to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 0.37 to 1.20 higher.
  • This Week: 261.18 / Month Ago: 256.67 / Year Ago: 219.33 / 5 Year Avg: 170.74
Stocker Calves: The national average price for stocker steers was 322.64, 1.69 higher with trade 2.00 lower to 4.00 higher.
  • This Week: 322.64 / Month Ago: 316.73 / Year Ago: 262.69 / 5 Year Avg: 198.41
CME Feeder Cattle Index: 250.14, 7.10 higher than last Friday.
  • This Week: 250.14 / Month Ago: 245.53 / Year Ago: 209.86 / 5 Year Avg: 168.90
Boxed Beef Cutouts: The Choice cutout was 3.00 lower at 310.45 and the Select cutout 4.32 higher at 301.72. The Choice/Select spread is at 8.73, 7.32 narrower.
  • This Week: 310.45 / Month Ago: 297.14 / Year Ago: 303.93 / 5 Year Avg: 266.28
Cutter Cow Cutout: 3.03 higher at 274.78
Slaughter Cows: Trade mostly steady to 5.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, May 25th was estimated at 1029.6 million lbs. according to the USDA Marketing Service. This was 0.2 percent higher than a week ago and 1.7 percent higher than a year ago.  Cumulative meat production for the year to date was 0.9 percent lower compared to the previous year.
Corn: Omaha Corn was 0.07 higher at 4.70 with July futures at 4.6450, 0.1200 higher.

 

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