Weekly Market Summary... September 8, 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 1.00 lower. Feeder cattle and stocker calves were about steady. Both live cattle futures and feeder cattle futures traded at life-of-contract highs this week. 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: +0.66%

Change from 10 Days Ago:  +6.68%

   

 60-Day Index Trendline

Change from 60 Days Ago: +12.87%​

Change from 60 Day High:     0.00%​

 

Fed Cattle: Trade in the South was 1.00 higher at 180.00 with Northern trade 1.00 lower at 182.00. In the 3 front months, Live Cattle futures closed the week from 3.07 to 3.38 higher. USDA’s carcass weight data showed weights averaged 906 lbs. this week, compared to 905 lbs. last week and 904 lbs. last year.
  • S: This Week: 180.00 / Month Ago: 180.00 / Year Ago: 141.00 / 5 Year Avg: 128.28
  • N: This Week: 182.00 / Month Ago: 188.00 / Year Ago: 144.00 / 5 Year Avg: 132.13
Feeder Cattle: The national average price for feeder steers was 250.90, 0.23 higher with trade mostly 2.00 lower to 3.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 3.50 to 4.50 higher.
  • This Week: 250.90 / Month Ago: 248.52 / Year Ago: 182.5 / 5 Year Avg: 156.98
Stocker Calves: The national average price for stocker steers was 281.40, 0.34 lower with trade mostly in a range of 2.50 lower to 2.00 higher.
  • This Week: 281.40 / Month Ago: 281.25 / Year Ago: 201.79 / 5 Year Avg: 180.67
CME Feeder Cattle Index: 249.21, 0.25 higher than last Friday.
  • This Week: 249.21 / Month Ago: 244.52 / Year Ago: 181.24 / 5 Year Avg: 155.88
Boxed Beef Cutouts: Choice cutout 1.59 lower at 312.90 and the Select cutout 4.24 lower at 286.05. The Choice/Select spread at 26.85, 2.65 higher.
  • This Week: 312.90 / Month Ago: 302.61 / Year Ago: 257.26 / 5 Year Avg: 254.75
Cutter Cow Cutout: 0.35 lower at 243.78.
Slaughter Cows: Trade mostly 2.00 lower to 1.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, September 9th, was estimated at 922.2 million lbs. according to the USDA’s Agricultures Marketing Service. This was 8.7 percent lower than a week ago and 6.1 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 0.23 lower at 4.99 with December futures at 4.8375, 0.0225 higher.

 

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