Weekly Market Summary... December 15, 2023

A look at the week’s prices, trends, and news for the cattle/beef complex.

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For the week, in extremely light fed cattle trade, South Plains trade was 1.00 lower with North Plains trade 3.00 lower. Feeder cattle and stocker calves were slightly lower and slightly higher, respectively. Live cattle futures and feeder cattle futures were higher. The dressed beef cutouts were higher with corn 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: +1.41%

Change from 10 Days Ago:  +2.31%

   

 60-Day Index Trendline

Change from 60 Days Ago: -30.62%​

Change from 60 Day High: -30.62%​

 

Fed Cattle: Trade in the South 1.00 lower at 170.00 and the North 3.00 lower at 168.00. In the 3 front months, Live Cattle futures closed the week from 2.77 to 3.63 higher. USDA’s carcass weight data showed weights averaged another record-high 940 lbs. this week, the same as last week, and 925 lbs. last year.
  • S: This Week: 170.00 / Month Ago: 178.00 / Year Ago: 155.00 / 5 Year Avg: 131.95
  • N: This Week: 168.00 / Month Ago: 178.00 / Year Ago: 156.00 / 5 Year Avg: 134.85
Feeder Cattle: The national average price for feeder steers was 224.03, 0.64 lower with trade mostly 5.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 5.60 to 7.37 higher.
  • This Week: 224.03 / Month Ago: 232.03 / Year Ago: 175.36 / 5 Year Avg: 162.12
Stocker Calves: The national average price for stocker steers was 269.91, 0.79 higher with trade mostly in a range of 3.00 lower to 4 higher.
  • This Week: 269.91 / Month Ago: 273.71 / Year Ago: 201.2 / 5 Year Avg: 186.80
CME Feeder Cattle Index: 219.07, 0.97 lower than last Friday.
  • This Week: 219.07 / Month Ago: 228.64 / Year Ago: 179.51 / 5 Year Avg: 160.62
Boxed Beef Cutouts: The Choice cutout was 3.63 higher at 291.64 and the Select cutout 2.92 higher at 260.82. The Choice/Select spread at 30.82, 0.71 wider.
  • This Week: 291.64 / Month Ago: 293.87 / Year Ago: 262.83 / 5 Year Avg: 259.71
Cutter Cow Cutout: 6.95 lower at 209.07.
Slaughter Cows: Trade mostly 3.00 higher to 2.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, December 16th was estimated at 1129.1 million lbs. according to the USDA’s Agricultures Marketing Service. This was 1.8 percent higher than a week ago and 4.6 percent higher than a year ago.  Cumulative meat production for the year to date was 2.2 percent lower compared to the previous year.
Corn: Omaha Corn was 0.02 lower at 4.73 with March futures at 4.8300, 0.0250 lower.

 

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