Weekly Market Summary... September 15, 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 and the North both ended the week 3.00 higher with feeder cattle and stocker calves about 3.50 higher. Both live cattle futures and feeder cattle futures were higher. The dressed beef cutouts closed the week lower, as did corn.
   

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: +5.35%

Change from 10 Days Ago:  +15.19%

   

 60-Day Index Trendline

Change from 60 Days Ago: +24.44%​

Change from 60 Day High:     0.00%​

 

Fed Cattle: Trade in the South was 3.00 higher at 183.00 with Northern trade also 3.00 lower at 185.00. In the 3 front months, Live Cattle futures closed the week from 3.70 to 4.62 higher. USDA’s carcass weight data showed weights averaged 908 lbs. this week, compared to 906 lbs. last week and 904 lbs. last year.
  • S: This Week: 183.00 / Month Ago: 179.00 / Year Ago: 142.00 / 5 Year Avg: 128.56
  • N: This Week: 185.00 / Month Ago: 186.00 / Year Ago: 145.00 / 5 Year Avg: 132.42
Feeder Cattle: The national average price for feeder steers was 254.41, 3.51 higher with trade mostly 2.00 to 5.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 2.01 to 7.50 higher.
  • This Week: 254.41 / Month Ago: 250.87 / Year Ago: 180.71 / 5 Year Avg: 157.38
Stocker Calves: The national average price for stocker steers was 285.17, 3.77 higher with trade mostly in a range of 1.00 to 6.00 higher.
  • This Week: 285.17 / Month Ago: 283.82 / Year Ago: 200.31 / 5 Year Avg: 181.11
CME Feeder Cattle Index: 253.39, 4.18 higher than last Friday.
  • This Week: 253.39 / Month Ago: 244.04 / Year Ago: 176.82 / 5 Year Avg: 156.26
Boxed Beef Cutouts: Choice cutout 7.19 lower at 305.71 and the Select cutout 2.93 lower at 283.12. The Choice/Select spread at 22.59, 4.26 lower.
  • This Week: 305.71 / Month Ago: 316.11 / Year Ago: 252.40 / 5 Year Avg: 255.16
Cutter Cow Cutout: 2.20 higher at 245.98.
Slaughter Cows: Trade mostly 1.00 lower to 2.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, September 16th was estimated at 1043.9 million lbs. according to the USDA’s Agricultures Marketing Service. This was 13.2 percent higher than a week ago and 4.2 percent lower than a year ago.  Cumulative meat production for the year to date was 2.5 percent lower compared to the previous year.
Corn: Omaha Corn was 0.24 lower at 4.75 with December futures at 4.7625, 0.0750 lower.

 

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