Weekly Market Summary... July 28, 2023

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

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For the week, extremely light fed cattle trade in the Southern Plains was steady to weak with trade in the North steady. Feeder cattle traded 0.69 higher with stocker calves steady.  Live cattle futures and feeder futures were both lower. The dressed beef cutouts were mixed with corn closing lower.
   

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: +1.28%

Change from 10 Days Ago:  -2.55%

   

 60-Day Index Trendline

Change from 60 Days Ago: +27.60%​

Change from 60 Day High:   -2.61%​

 

Fed Cattle: Light trade in the South at 180.00 with Northern trade at 188.00. In the 3 front months, Live Cattle futures closed the week from 1.57 to 1.87 lower. USDA’s carcass weight data showed weights averaged 893 lbs. this week, compared to 892 lbs. last week and 889 lbs. last year.
  • S-This Week: 180.00 / Month Ago: 180.00 / Year Ago: 135.00 / 5 Year Avg: 126.69
  • N-This Week: 188.00 / Month Ago: 183.00 / Year Ago: 138.00 / 5 Year Avg: 129.85
Feeder Cattle: The national average price for feeder steers was 246.32, 0.69 higher with trade mostly 3.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from unchanged to 0.32 lower
  • This Week: 246.32 / Month Ago: 232.92 / Year Ago: 174.32 / 5 Year Avg: 154.59
Stocker Calves: The national average price for stocker steers was 278.25, 0.05 higher with trade mostly in a range of 2.00 lower to 3.00 higher.
  • This Week: 278.25 / Month Ago: 267.25 / Year Ago: 199.19 / 5 Year Avg: 178.05
CME Feeder Cattle Index: 242.87, 3.91 higher than last Friday.
  • This Week: 242.87 / Month Ago: 232.75 / Year Ago: 172.32 / 5 Year Avg: 153.67
Boxed Beef Cutouts: Choice cutout 0.74 lower at 302.00 and the Select cutout 0.81 higher at 277.54. The Choice/Select spread at 26.01, 3.32 lower.
  • This Week: 302.00 / Month Ago: 327.72 / Year Ago: 269.24 / 5 Year Avg: 252.42
Cutter Cow Cutout: 2.77 lower at 231.31.
Slaughter Cows: Trade 2.00 lower to 3.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, July 29, 2023 was estimated at 1006.3 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.2 percent higher than a week ago and 2.1 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 0.09 lower at 5.96 with September futures at 5.2100, 0.0600 lower. Wheat was 0.27 lower at 7.83 and September futures @ 7.0425, up 0.0675.