Weekly Market Summary... June 14, 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 higher. Feeder cattle and stocker calves were lower with live cattle futures and feeder cattle futures sharply higher. The choice dressed beef cutouts were higher with corn slightly 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: +6.65%

Change from 10 Days Ago:  +10.51%

   

 60-Day Index Trendline

Change from 60 Days Ago: +30.65%​

Change from 60 Day High:   0.00%​

 

Fed Cattle: Trade in the Southern Plains was 2.00 higher at 187.00 with Northern Plains trade 6.00 higher at 196.00. In the 3 front months, Live Cattle futures closed the week from 4.65 to 6.00 higher. USDA’s carcass weight data showed weights averaged 924 lbs. this week, compared to 920 lbs. last week and 887 lbs. last year.
  • S: This Week: 187.00 / Month Ago: 186.00 / Year Ago: 183.00 / 5 Year Avg: 137.51
  • N: This Week: 196.00 / Month Ago: 190.00 / Year Ago: 185.00 / 5 Year Avg: 140.26
Feeder Cattle: The national average price for feeder steers was 261.39, 0.62 lower with trade mostly 3.00 lower to 2.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 6.65 to 7.05 higher.
  • This Week: 261.39 / Month Ago: 259.23 / Year Ago: 231.61 / 5 Year Avg: 172.12
Stocker Calves: The national average price for stocker steers was 321.25, 0.26 lower with trade 3.00 lower to 3.00 higher.
  • This Week: 321.25 / Month Ago: 320.95 / Year Ago: 271.76 / 5 Year Avg: 200.21
CME Feeder Cattle Index: 256.13, an all-time record high, and 4.93 higher than last Friday.
  • This Week: 256.13 / Month Ago: 243.04 / Year Ago: 223.76 / 5 Year Avg: 170.24
Boxed Beef Cutout: The Choice cutout was 3.14 higher at 319.89 and the Select cutout 2.67 higher at 303.81. The Choice/Select spread is at 16.08, 0.47 wider.
  • This Week: 319.89 / Month Ago: 313.45 / Year Ago: 343.09 / 5 Year Avg: 267.34
Cutter Cow Cutout: 4.04 higher at 283.16.
Slaughter Cows: Trade mostly 1.00 lower to 4.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, June 15th was estimated at 1040.4 million lbs. according to the USDA Marketing Service. This was 0.6 percent lower than a week ago and 3.1 percent higher than a year ago.  Cumulative meat production for the year to date was 0.4 percent lower compared to the previous year.
Corn: Omaha Corn was 0.04 higher at 4.62 with July futures at 4.5000, 0.0125 higher.

 

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