Weekly Market Summary... January 19, 2024

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 both the Southern & Northern Plains was at a standstill. Feeder cattle were 2.50 higher with stocker calves 3.00 higher. Live cattle & feeder cattle futures were both 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: -0.59%

Change from 10 Days Ago:  +6.84%

   

 60-Day Index Trendline

Change from 60 Days Ago: +0.80%​

Change from 60 Day High: -0.56%​

 

Fed Cattle: Not enough trade for a market trend. In the 3 front months, Live Cattle futures closed the week from 2.70 to 3.20 higher. USDA’s carcass weight data showed weights averaged 937 lbs. this week, compared to 941 lbs. last week, and 919 lbs. last year.
  • S: Last Week: NA / Month Ago: 171.00 / Year Ago: 155.00 / 5 Year Avg: 132.72
  • N: This Week: NA / Month Ago: 171.00 / Year Ago: 155.00 / 5 Year Avg: 135.11
Feeder Cattle: The national average price for feeder steers was 230.33, 2.53 higher with trade mostly 2.00 lower to 5.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 3.53 to 4.47 higher.
  • This Week: 230.43 / Month Ago: 224.10 / Year Ago: 175.65 / 5 Year Avg: 163.32
Stocker Calves: The national average price for stocker steers was 285.19, 3.16 higher with trade mostly in a range of 2.00 lower to 6.00 higher.
  • This Week: 285.19 / Month Ago: 271.37 / Year Ago: 205.83 / 5 Year Avg: 188.50
CME Feeder Cattle Index: 227.26, 0.74 lower than last Friday.
  • This Week: 227.26 / Month Ago: 219.81 / Year Ago: 177.03 / 5 Year Avg: 161.82
Boxed Beef Cutouts: The Choice cutout was 6.24 higher at 295.50 and the Select cutout 11.20 higher at 283.05. The Choice/Select spread at 12.45, 4.96 narrower.
  • This Week: 295.50 / Month Ago: 292.93 / Year Ago: 271.72 / 5 Year Avg: 260.86
Cutter Cow Cutout: 5.11 higher at 216.41.
Slaughter Cows: Trade mostly 2.00 lower to 5.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, January 20th was estimated at 1102.4 million lbs. according to the USDA Marketing Service. This was 17.8 percent higher than a week ago and 1.2 percent higher than a year ago.  Cumulative meat production for the year to date was 5.9 percent lower compared to the previous year.
Corn: Omaha Corn was 0.03 higher at 4.59 with March futures at 4.4550, 0.0150 lower.

 

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