Weekly Market Summary... November 24, 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 both the Southern and Northern regions was 1.00 lower. Feeder cattle traded 3.00 lower with stocker calves about 2.00 lower. Live cattle futures and feeder cattle futures both cratered on Friday. The Choice dressed beef cutout was higher with the Select cutout lower. Corn was lower.
   

Cattle/Beef Market Velocity Trendlines +/-

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: -4.91%

Change from 10 Days Ago:  -8.30%

   

 60-Day Index Trendline

Change from 60 Days Ago: -37.12%​

Change from 60 Day High: -37.12%​

 

Fed Cattle: Light trade in the South and North was 1.00 lower at 177.00. In the 3 front months, Live Cattle futures closed the week from 5.50 to 5.12 lower. USDA’s carcass weight data showed weights averaged 931 lbs. this week, compared to 927 lbs. last week and 925 lbs. last year.
  • S: This Week: 177.00 / Month Ago: 185.00 / Year Ago: 155.00 / 5 Year Avg: 131.29
  • N: This Week: 177.00 / Month Ago: 185.00 / Year Ago: 158.00 / 5 Year Avg: 135.22
Feeder Cattle: The national average price for feeder steers was 228.61, 3.42 lower with trade mostly 1.00 to 5.00 lower. In the 3 front months, Feeder Cattle futures closed the week from 7.83 to 9.18 lower.
  • This Week: 228.61 / Month Ago: 239.80 / Year Ago: 172.74 / 5 Year Avg: 161.18
Stocker Calves: The national average price for stocker steers was 271.48, 2.23 lower with trade mostly in a range of 2.00 higher 5.00 lower.
  • This Week: 271.48 / Month Ago: 275.74 / Year Ago: 191.15 / 5 Year Avg: 185.58
CME Feeder Cattle Index: 225.24, 3.40 lower than last Friday.
This Week: 225.24 / Month Ago: 239.73 / Year Ago: 174.83 / 5 Year Avg: 159.73
Boxed Beef Cutouts: The Choice cutout was 4.16 higher at 298.03 and the Select cutout 1.94 lower at 268.76. The Choice/Select spread at 23.17, 9.87 lower.
This Week: 298.03 / Month Ago: 307.57 / Year Ago: 251.83 / 5 Year Avg: 258.77
Cutter Cow Cutout: 4.47 lower at 220.56
Slaughter Cows: Trade mostly 2.00 higher to 4.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, November 25th, was estimated at 923.7 million lbs. according to the USDA’s Agricultures Marketing Service. This was 15.6 percent lower than a week ago and 5.1 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 2.00 lower at 4.70 with December futures at 4.6325, 0.0375 lower.

 

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