Weekly Market Summary... May 31, 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 and Northern Plains was lower with feeder cattle higher and stocker calves slightly lower. Live cattle futures and feeder cattle futures were lower with dressed beef cutouts mixed 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: -2.96%

Change from 10 Days Ago:  +0.97%

   

 60-Day Index Trendline

Change from 60 Days Ago: +7.09%​

Change from 60 Day High:  -6.57%​

 

Fed Cattle: Trade in the Southern Plains was 1.00 lower at 186.00 with Northern Plains 2.00 lower at 190.00. In the 3 front months, Live Cattle futures closed the week from 2.15 to 3.15 lower. USDA’s carcass weight data showed weights averaged 921 lbs. this week, compared to 923 lbs. last week and 885 lbs. last year.
  • S: This Week: 186.00 / Month Ago: 184.00 / Year Ago: 178.00 / 5 Year Avg: 136.96
  • N: This Week: 190.00 / Month Ago: 187.00 / Year Ago: 186.00 / 5 Year Avg: 139.70
Feeder Cattle: The national average price for feeder steers was 263.63, 2.46 higher with trade mostly 1.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 3.58 to 3.82 lower.
  • This Week: 263.63 / Month Ago: 259.62 / Year Ago: 224.53 / 5 Year Avg: 171.20
Stocker Calves: The national average price for stocker steers was 322.01, 0.63 lower with trade 1.00 lower to 3.00 higher.
  • This Week: 322.64 / Month Ago: 320.40 / Year Ago: 267.50 / 5 Year Avg: 199.01

CME Feeder Cattle Index: 248.24, 1.90 lower than last Friday.

  • This Week: 248.24 / Month Ago: 242.39 / Year Ago: 208.04 / 5 Year Avg: 169.35
Boxed Beef Cutouts: The Choice cutout was 2.75 higher at 313.20 and the Select cutout 0.01 lower at 301.71. The Choice/Select spread is at 11.49, 2.76 wider.
  • This Week: 313.20 / Month Ago: 294.20 / Year Ago: 309.93 / 5 Year Avg: 266.63
Cutter Cow Cutout: 2.06 higher at 276.84
Slaughter Cows: Trade mostly 2.00 lower to 4.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, June 1st was estimated at 926 million lbs. according to the USDA Marketing Service. This was 9.8 percent lower than a week ago and 3.0 percent higher than a year ago.  Cumulative meat production for the year to date was 0.8 percent lower compared to the previous year.
Corn: Omaha Corn was 0.16 lower at 4.54 with July futures at 4.4625, 0.1825 lower.

 

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