Weekly Market Summary... July 5, 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 steady with feeder cattle and stocker calves lower. Live cattle and feeder cattle futures closed higher. The choice dressed beef cutout was higher with corn lower.

Cattle/Beef Market-Strength Indexes

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: -1.27%

Change from 10 Days Ago:  +6.01%

   

 60-Day Index Trendline

Change from 60 Days Ago: +32.69%​

Change from 60 Day High:   -1.27%​

 

Fed Cattle: Trade in the Southern Plains and Northern Plains was steady at 190.00 and 198.50 respectively. In the 3 front months, Live Cattle futures closed the week from 1.00 to 3.35 higher. USDA’s steer carcass weight data showed weights averaged 913 lbs. this week, compared to 917 lbs. last week and 883 lbs. last year.
  • S: This Week: 190.00 / Month Ago: 185.00 / Year Ago: 178.00 / 5 Year Avg: 138.40
  • N: This Week: 198.50 / Month Ago: 189.00 / Year Ago: 184.00 / 5 Year Avg: 141.31
Feeder Steers: The national average price for feeder steers was 264.30, 0.50 lower with trade mostly 2.00 lower to 1.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 2.17 to 2.57 higher.
  • This Week: 264.30 / Month Ago: 262.01 / Year Ago: 234.38 / 5 Year Avg: 173.46
Stocker Steers: The national average price for stocker steers was 318.82, 1.52 lower with trade 3.00 lower to 2.00 higher.
  • This Week: 318.82 / Month Ago: 321.51 / Year Ago: 269.22 / 5 Year Avg: 202.04
CME Feeder Cattle Index: 255.69, 2.91 lower than last Friday.
  • This Week: 255.69 / Month Ago: 251.21 / Year Ago: 231.21 / 5 Year Avg: 171.69
Boxed Beef Cutout: The Choice cutout was 4.11 higher at 330.43 and the Select cutout 0.56 higher at 305.06. The Choice/Select spread is at 21.82, 2.54 wider.
  • This Week: 330.43 / Month Ago: 316.75 / Year Ago: 316.90 / 5 Year Avg: 268.52
Cutter Cow Cutout: 3.12 lower at 291.74.
Slaughter Cows: Trade mostly 3.00 lower to 2.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, July 6th was estimated at 877.1 million lbs. according to the USDA Marketing Service. This was 15.7 percent lower than a week ago and 3.2 percent higher than a year ago.  Cumulative meat production for the year to date was 0.2 percent lower compared to the previous year.
Corn: Omaha Corn was 0.15 lower at 4.25 with September futures at 4.1050, 0.0300 higher.

 

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