Weekly Market Summary... August 18, 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 lower with trade in the North 2.00 lower. Feeder cattle and stocker calves were about 2.50 higher.  Live cattle futures and feeder futures were both lower. The dressed beef cutouts surged higher 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: +0.89%

Change from 10 Days Ago:  -1.99%

   

 60-Day Index Trendline

Change from 60 Days Ago: +22.37%​

Change from 60 Day High:    -4.66%​

 

Fed Cattle: Light trade in the South at 179.00 with Northern trade at 186.00. In the 3 front months, Live Cattle futures closed the week from 1.85 to 2.50 lower. USDA’s carcass weight data showed weights averaged 895 lbs. this week, compared to 895 lbs. last week and 893 lbs. last year.
  • S - This Week: 179.00 / Month Ago: 180.00 / Year Ago: 142.00 / 5 Year Avg: 127.47
  • N - This Week: 186.00 / Month Ago: 188.00 / Year Ago: 146.00 / 5 Year Avg: 131.29
Feeder Cattle: The national average price for feeder steers was 250.87, 2.34 higher with trade mostly 1.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 2.17 to 2.93 lower.
  • This Week: 250.87 / Month Ago: 245.64 / Year Ago: 181.28 / 5 Year Avg: 155.76
Stocker Calves: The national average price for stocker steers was 283.82, 2.58 higher with trade mostly in a range of 1.00 lower to 5.00 higher.
  • This Week: 283.82 / Month Ago: 278.20 / Year Ago: 201.07 / 5 Year Avg: 179.35
CME Feeder Cattle Index: 244.04, 0.48 lower than last Friday.
  • This Week: 244.04 / Month Ago: 238.96 / Year Ago: 179.21 / 5 Year Avg: 154.77
Boxed Beef Cutouts: Choice cutout 13.50 higher at 316.11 and the Select cutout 11.13 higher at 288.36. The Choice/Select spread at 27.75, 2.37 higher.
  • This Week: 316.11 / Month Ago: 302.74 / Year Ago: 264.28 / 5 Year Avg: 253.54
Cutter Cow Cutout: 6.00 higher at 240.58.
Slaughter Cows: Trade mostly 3.00 lower to 2.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, August 19, 2023 was estimated at 1005.7 million lbs. according to the USDA’s Agricultures Marketing Service. This was 2.2 percent higher than a week ago and 4.5 percent lower than a year ago.  Cumulative meat production for the year to date was 2.4 percent lower compared to the previous year.
Corn: Omaha Corn was 0.15 higher at 5.50 with September futures at 4.7950, 0.0500 higher.

 

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