Weekly Market Summary... July 14, 2023

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

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For the week, fed cattle trade in the Southern Plains was inactive on very light demand while trade in the North was 2.00 higher. Feeder cattle traded 6.50 higher with stocker calves also about 6.50 higher.  Live cattle futures made strong gains while feeder futures were slightly higher. The dressed beef cutouts continued the seasonal decline with corn rallying higher.
   

Cattle/Beef Complex 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: +2.15%

Change from 10 Days Ago:  +0.46%

   

 60-Day Index Trendline

Change from 60 Days Ago: +41.75%​

Change from 60 Day High:   -0.52%​

 

Fed Cattle: Cattle in the South traded last week at 178.00 with Northern trade this week at 186.00. In the 3 front months, Live Cattle futures closed the week 2.60 to 325 higher. USDA’s most recent carcass weight data showed weights averaged 884 lbs., compared to 883 lbs. last week and 883 lbs. last year.
  • S-This Week: 178.00 / Month Ago: 183.00 / Year Ago: 137.00 / 5 Year Avg: 126.16
  • N-This Week: 186.00 / Month Ago: 185.00 / Year Ago: 145.00 / 5 Year Avg: 129.32
Feeder Cattle: The national average price for feeder steers was 240.83, 6.45 higher with trade mostly 2.00 to 10.00+ higher. In the 3 front months, Feeder Cattle futures closed from 0.25 to 1.23 higher.
  • This Week: 240.83 / Month Ago: 231.61 / Year Ago: 172.88 / 5 Year Avg: 153.83
Stocker Calves: The national average price for stocker steers was 275.71, 6.49 higher with trade steady to 10.00+ higher.
  • This Week: 275.71 / Month Ago: 271.76 / Year Ago: 195.33 / 5 Year Avg: 177.19
CME Feeder Cattle Index: 239.45, 8.24 higher than last Friday.
  • This Week: 239.45 / Month Ago: 223.76 / Year Ago: 172.62 / 5 Year Avg: 152.97
Boxed Beef Cutouts: Choice cutout 10.96 lower at 305.94 and the Select cutout 9.02 lower at 276.61. The Choice/Select spread at 29.33, 1.94 lower.
  • This Week: 305.94 / Month Ago: 343.09 / Year Ago: 268.91 / 5 Year Avg: 251.64
Cutter Cow Cutout: 0.76 lower at 233.28.
Slaughter Cows: Trade 2.00 to 4.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, July 15, 2023 was estimated at 1006.8 million lbs. according to the USDA’s Agricultures Marketing Service. This was 18.3 percent higher than a week ago and 1.9 percent lower than a year ago.  Cumulative meat production for the year to date was 2.2 percent lower compared to the previous year.
Grain: Omaha Corn was 0.26 higher at 5.78 with September futures at 5.0650, 0.1925 higher. Wheat 0.11 higher at 7.79 and September futures @ 6.6150, up 0.1200.