Weekly Market Summary... July 21, 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 2.00 higher at 180.00 and trade in the North was also 2.00 higher at 188.00. Feeder cattle traded nearly 5.00 higher with stocker calves about 2.50 higher.  Live cattle futures closed lower while feeder futures were on both sides of steady. The dressed beef cutouts were mixed with corn closing 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: +2.42%

Change from 10 Days Ago:  -0.53%

   

 60-Day Index Trendline

Change from 60 Days Ago: +35.52%​

Change from 60 Day High:   -2.33%​

 

Fed Cattle: Cattle in the South traded last week at 180.00 with Northern trade this week at 188.00. In the 3 front months, Live Cattle futures closed the week from 0.15 to 0.72 lower. USDA’s carcass weight data showed weights averaged 892 lbs. this week, compared to 884 lbs. last week and 890 lbs. last year.
  • S-This Week: 180.00 / Month Ago: 180.00 / Year Ago: 136.00 / 5 Year Avg: 126.42
  • N-This Week: 188.00 / Month Ago: 183.00 / Year Ago: 146.00 / 5 Year Avg: 129.58
Feeder Cattle: The national average price for feeder steers was 245.64, 4.81 higher with trade mostly steady to 8.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 0.73 lower to 0.53 higher
  • This Week: 245.64 / Month Ago: 228.99 / Year Ago: 173.55 / 5 Year Avg: 154.20
Stocker Calves: The national average price for stocker steers was 278.20, 2.49 higher with trade mostly in a range of 2.00 lower to 8.00 higher.
  • This Week: 278.20 / Month Ago: 267.35 / Year Ago: 194.62 / 5 Year Avg: 177.61
CME Feeder Cattle Index: 238.96, 0.49  lower than last Friday.
  • This Week: 238.96 / Month Ago: 221.00 / Year Ago: 171.01 / 5 Year Avg: 153.32
Boxed Beef Cutouts: Choice cutout 3.20 lower at 302.74 and the Select cutout 0.12 higher at 276.73. The Choice/Select spread at 26.01, 3.32 lower.
  • This Week: 302.74 / Month Ago: 334.01 / Year Ago: 267.12 / 5 Year Avg: 254.20
Cutter Cow Cutout: 0.80 higher at 234.08.
Slaughter Cows: Trade 1.00 to 2.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, July 22, 2023 was estimated at 997.9 million lbs. according to the USDA’s Agricultures Marketing Service. This was 0.6 percent lower than a week ago and 2.6 percent lower than a year ago.  Cumulative meat production for the year to date was 2.3 percent lower compared to the previous year.
Grain: Omaha Corn was 0.27 higher at 6.05 with September futures at 5.2700, 0.2050 higher. Wheat was 0.31 higher at 8.10 and September futures @ 6.9750, up 0.3600.