Weekly Market Summary... January 12, 2024

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

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For the week in the Southern Plains, there was limited fed cattle trade at 172.00 with Northern Plains trade steady at 175.00. Feeder cattle were 1.50 higher with stocker calves 6.00 higher. Live cattle futures were slightly higher while feeder cattle futures were about 3.00 higher. The dressed beef cutouts were sharply 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: +0.92%

Change from 10 Days Ago:  +5.16%

   

 60-Day Index Trendline

Change from 60 Days Ago: -5.38%​

Change from 60 Day High: -6.25%​

 

Fed Cattle: Limited trade in the South at 172.00 with Northern trade steady at 175.00. In the 3 front months, Live Cattle futures closed the week from 0.07 to 0.80 higher. USDA’s carcass weight data showed weights averaged 941 lbs. this week, compared to 942 lbs. last week, and 915 lbs. last year.
  • S: Last Week: 172.00 / Month Ago: 170.00 / Year Ago: 156.00 / 5 Year Avg: 132.53
  • N: This Week: 175.00 / Month Ago: 168.00 / Year Ago: 156.00 / 5 Year Avg: 134.92
Feeder Cattle: The national average price for feeder steers was 227.90, 1.51 higher with trade mostly 6.00 lower to 5.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 3.23 to 3.55 higher.
  • This Week: 227.90 / Month Ago: 224.03 / Year Ago: 178.89 / 5 Year Avg: 163.02
Stocker Calves: The national average price for stocker steers was 282.03, 6.22 higher with trade mostly in a range of 3.00 lower to 8.00 higher.
  • This Week: 282.03 / Month Ago: 269.91 / Year Ago: 210.22 / 5 Year Avg: 188.06
CME Feeder Cattle Index: 228.00, 0.09 lower than last Friday.
  • This Week: 228.00 / Month Ago: 219.07 / Year Ago: 182.03 / 5 Year Avg: 161.50
Boxed Beef Cutouts: The Choice cutout was 12.10 higher at 289.26 and the Select cutout 12.32 higher at 271.85. The Choice/Select spread at 17.41, 0.22 narrower.
  • This Week: 289.26 / Month Ago: 291.64 / Year Ago: 276.62 / 5 Year Avg: 260.57
Cutter Cow Cutout: 6.06 higher at 211.30.
Slaughter Cows: Trade mostly 2.00 lower to 4.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, January 13th was estimated at 961.1 million lbs. according to the USDA Marketing Service. This was 2.0 percent lower than a week ago and 15.4 percent lower than a year ago.  Cumulative meat production for the year to date was 8.5 percent lower compared to the previous year.
Corn: Omaha Corn was 0.14 lower at 4.56 with March futures at 4.4700, 0.1375 lower.

 

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