Weekly Market Summary... August 4, 2023

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

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For the week, light fed cattle trade in the Southern Plains was 1.00 lower with trade in the North steady. Feeder cattle and stocker calves gained about 1.00.  Live cattle futures and feeder futures were both higher. The dressed beef cutouts were lower with corn also 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: +2.43%

Change from 10 Days Ago:  +10.84%

   

 60-Day Index Trendline

Change from 60 Days Ago: +19.31%​

Change from 60 Day High:     0.00%​

 

Fed Cattle: Light trade in the South at 179.00 with Northern trade at 188.00. In the 3 front months, Live Cattle futures closed the week from 2.75 to 3.45 higher. USDA’s carcass weight data showed weights averaged 893 lbs. this week, compared to 893 lbs. last week and 893 lbs. last year.
  • S - This Week: 179.00 / Month Ago: 178.00 / Year Ago: 136.00 / 5 Year Avg: 126.95
  • N - This Week: 188.00 / Month Ago: 184.00 / Year Ago: 147.00 / 5 Year Avg: 130.12
Feeder Cattle: The national average price for feeder steers was 247.43, 1.11 higher with trade mostly 1.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 3.92 to 4.48 higher.
  • This Week: 247.43 / Month Ago: 234.38 / Year Ago: 176.72 / 5 Year Avg: 154.98
Stocker Calves: The national average price for stocker steers was 279.15, 0.90 higher with trade mostly in a range of 1.00 lower to 2.00 higher.
  • This Week: 279.15 / Month Ago: 269.22 / Year Ago: 197.85 / 5 Year Avg: 178.48
CME Feeder Cattle Index: 245.84, 2.97 higher than last Friday.
  • This Week: 245.84 / Month Ago: 231.21 / Year Ago: 175.43 / 5 Year Avg: 154.03
Boxed Beef Cutouts: Choice cutout 0.21 lower at 301.79 and the Select cutout 1.06 lower at 276.48. The Choice/Select spread at 25.31, 0.85 lower.
  • This Week: 301.79 / Month Ago: 316.90 / Year Ago: 263.88 / 5 Year Avg: 252.79
Cutter Cow Cutout: 2.37 higher at 233.68.
Slaughter Cows: Trade mostly 2.00 to 5.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, August 05, 2023 was estimated at 990.4 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.6 percent lower than a week ago and 2.8 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 0.37 lower at 5.59 with September futures at 4.8425, 0.3675 lower. Wheat was 0.71 lower at 7.12 and September futures @ 6.3300, down 0.7125.

 

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