Weekly Market Summary... April 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 in the South traded steady with dressed trade in the North 2.00 lower. Feeder cattle & stocker calves traded 3.00 higher. Live Cattle futures were mixed with Feeder Cattle futures higher. The dressed beef cutouts were higher and grain was 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: -0.38%

Change from 10 Days Ago: +8.60%

   

 60-Day Index Trendline

Change from 60 Days Ago: +18.66%​

Change from 60 Day High:    -1.13%​

 

Fed Cattle: Trade in the South steady at 175.00 with Northern trade 2.00 lower at 288.00 on a dressed basis. In the 3 front months, Live Cattle futures closed from 0.78 lower to 0.85 higher. USDA’s most recent carcass weight data showed weights averaged 892 lbs., 6 lbs. lighter than last week and 20 lbs. lighter than last year.
  • This Week: 175.00 / Month Ago: 163.00 / Year Ago: 140.00 / 5 Year Avg: 123.35
Feeder Cattle: The national average price for feeder steers @ 209.44, 3.08 higher with trade 6.00 lower to 10.00 higher in the Western States. In the 3 front months, Feeder Cattle futures closed from 0.37 to 5.72 higher.
  • This Week: 209.44 / Month Ago: 191.39 / Year Ago: 159.30 / 5 Year Avg: 149.99
Stocker Calves: The national average price for stocker steers @ 251.71, 3.15 higher with trade mostly 6.00 lower to 8.00 higher.
  • This Week: 251.71 / Month Ago: 235.97 / Year Ago: 191.17 / 5 Year Avg: 172.61
CME Feeder Cattle Index: 203.10, 1.79 higher than last Friday.
  • This Week: 203.10 / Month Ago: 188.85 / Year Ago: 155.21 / 5 Year Avg: 149.44
Boxed Beef Cutouts: Choice cutout 3.98 higher at 306.60 and the Select cutout 3.93 higher at 287.80. The Choice/Select spread at 18.80, 0.05 higher.
  • This Week: 306.60 / Month Ago: 279.88 / Year Ago: 267.91 / 5 Year Avg: 247.00
Cutter Cow Cutout: 0.62 higher at 217.66.
Slaughter Cows: Trade ranged mostly steady to 4.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, April 22, 2023 was estimated at 1046.4 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.3 percent higher than a week ago and 2.5 percent lower than a year ago.  Cumulative meat production for the year to date was 1.9 percent lower compared to the previous year.
Grain: Corn was 0.14 lower @ 6.79 with May futures @ 6.6325, 0.0300 lower. Wheat 0.37 lower at 7.86 and the futures @ 6.6175, down 0.2075.