Weekly Market Summary... August 11, 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 1.00 higher with trade in the North steady. Feeder cattle were 1.00 higher with stocker calves 2.00 higher.  Live cattle futures and feeder futures were both lower. The dressed beef cutouts were slightly higher 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: -0.74%

Change from 10 Days Ago:  +3.62%

   

 60-Day Index Trendline

Change from 60 Days Ago: +12.13%​

Change from 60 Day High:    -2.73%​

 

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 0.53 to 1.60 lower. USDA’s carcass weight data showed weights averaged 895 lbs. this week, compared to 893 lbs. last week and 894 lbs. last year.
  • S - This Week: 180.00 / Month Ago: 178.00 / Year Ago: 140.00 / 5 Year Avg: 127.20
  • N - This Week: 188.00 / Month Ago: 186.00 / Year Ago: 144.00 / 5 Year Avg: 130.12
Feeder Cattle: The national average price for feeder steers was 248.52, 1.09 higher with trade mostly 3.00 lower to 5.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 1.52 to 2.55 higher.
  • This Week: 248.52 / Month Ago: 240.83 / Year Ago: 178.39 / 5 Year Avg: 155.37
Stocker Calves: The national average price for stocker steers was 281.25, 2.10 higher with trade mostly in a range of 1.00 to 4.00 higher.
  • This Week: 281.25 / Month Ago: 275.71 / Year Ago: 199.41 / 5 Year Avg: 178.91
CME Feeder Cattle Index: 244.52, 1.32 lower than last Friday.
  • This Week: 244.52 / Month Ago: 239.45 / Year Ago: 178.28 / 5 Year Avg: 154.41
Boxed Beef Cutouts: Choice cutout 0.82 higher at 302.61 and the Select cutout 0.75 higher at 277.23. The Choice/Select spread at 25.38, 0.24 lower.
  • This Week: 302.61 / Month Ago: 305.94 / Year Ago: 263.37 / 5 Year Avg: 253.17
Cutter Cow Cutout: 0.90 higher at 234.58.
Slaughter Cows: Trade mostly 2.00 lower to 3.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, August 12, 2023 was estimated at 984.1 million lbs. according to the USDA’s Agricultures Marketing Service. This was 0.6 percent lower than a week ago and 3.3 percent lower than a year ago.  Cumulative meat production for the year to date was 2.3 percent lower compared to the previous year.
Corn: Omaha Corn was 0.24 lower at 5.35 with September futures at 4.7450, 0.0975 lower.

 

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