Weekly Market Summary... October 20, 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 South was 2.00 higher with Northern trade steady. Feeder cattle were 2.00 lower and stocker calves were about 1.00 higher. Live cattle futures were lower with feeder cattle futures plunging lower. The dressed beef cutouts were higher, as was 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: -1.57%

Change from 10 Days Ago:  -6.74%

   

 60-Day Index Trendline

Change from 60 Days Ago: -9.63%​

Change from 60 Day High: -24.40%​

 

Fed Cattle: Trade in the South was 2.00 higher at 185.00 with Northern trade steady at 186.00. In the 3 front months, Live Cattle futures closed the week from 0.85 to 3.20 lower. USDA’s carcass weight data showed weights averaged 922 lbs. this week, compared to 920 lbs. last week and 920 lbs. last year.
  • S: This Week: 185.00 / Month Ago: 183.00 / Year Ago: 148.00 / 5 Year Avg: 130.15
  • N: This Week: 186.00 / Month Ago: 185.00 / Year Ago: 151.00 / 5 Year Avg: 134.06
Feeder Cattle: The national average price for feeder steers was 247.22, 2.06 lower with trade mostly steady to 4.00 lower. In the 3 front months, Feeder Cattle futures closed the week from 8.05 to 9.35 lower.
  • This Week: 247.22 / Month Ago: 255.26 / Year Ago: 172.88 / 5 Year Avg: 159.75
Stocker Calves: The national average price for stocker steers was 283.10, 0.93 higher with trade mostly in a range of 3.00 lower to 5.00 higher.
  • This Week: 283.10 / Month Ago: 286.57 / Year Ago: 189.85 / 5 Year Avg: 183.76
CME Feeder Cattle Index: 243.99, 6.12 lower than last Friday.
  • This Week: 243.99 / Month Ago: 253.22 / Year Ago: 172.94 / 5 Year Avg: 158.45
Boxed Beef Cutouts: Choice cutout 4.58 higher at 305.38 and the Select cutout 2.58 higher at 278.07. The Choice/Select spread at 27.31, 2.00 higher.
  • This Week: 305.38 / Month Ago: 303.33 / Year Ago: 253.71 / 5 Year Avg: 257.24
Cutter Cow Cutout: 2.28 higher at 233.56.
Slaughter Cows: Trade mostly 4.00 lower to 1.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, October 21st was estimated at 1078 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.9 percent higher than a week ago and 3.4 percent lower than a year ago.  Cumulative meat production for the year to date was 2.6 percent lower compared to the previous year.
Corn: Omaha Corn was higher with December futures at 4.9550, 0.0225 higher.

 

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