Weekly Market Summary... February 2, 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 higher, as were feeder cattle and stocker calves. Live cattle futures were mixed with feeder cattle futures higher. The dressed beef cutouts and corn were 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: +0.90%

Change from 10 Days Ago:  +14.78%

   

 60-Day Index Trendline

Change from 60 Days Ago: +27.01%​

Change from 60 Day High:  0.00%​

 

Fed Cattle: Southern Plains trade was 3.00 higher at 178.00 with Northern Plains trade 1.00 higher at 177.00. In the 3 front months, Live Cattle futures closed the week from 1.12 lower to 5.10 higher. USDA’s carcass weight data showed weights averaged 918 lbs. this week, compared to 927 lbs. last week, and 915 lbs. last year.
  • S: This Week: 178.00 / Month Ago: 172.00 / Year Ago: 157.00 / 5 Year Avg: 132.95
  • N: This Week: 177.00 / Month Ago: 175.00 / Year Ago: 158.00 / 5 Year Avg: 135.42
Feeder Cattle: The national average price for feeder steers was 241.28, 6.40 higher with trade mostly 2.00 to 8.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 4.10 to 5.10 higher.
  • This Week: 241.28 / Month Ago: 226.40 / Year Ago: 178.44 / 5 Year Avg: 164.01
Stocker Calves: The national average price for stocker steers was 298.29, 7.19 higher with trade mostly in a range of 3.00 to 9.00 higher.
  • This Week: 298.29 / Month Ago: 274.74 / Year Ago: 211.66 / 5 Year Avg: 189.44
CME Feeder Cattle Index: 239.17, 7.11 higher than last Friday.
  • This Week: 239.17 / Month Ago: 228.09 / Year Ago: 181.93 / 5 Year Avg: 162.48
Boxed Beef Cutouts: The Choice cutout was 7.45 lower at 293.08 and the Select cutout 5.66 lower at 283.47. The Choice/Select spread at 9.61, 1.79 narrower.
  • This Week: 293.08 / Month Ago: 277.16 / Year Ago: 281.98 / 5 Year Avg: 261.51
Cutter Cow Cutout: 1.28 higher at 229.76.
Slaughter Cows: Trade mostly 2.00 lower to 5.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, February 3rd was estimated at 1126.5 million lbs. according to the USDA Marketing Service. This was 1.4 percent higher than a week ago and 3.3 percent higher than a year ago.  Cumulative meat production for the year to date was 3.1 percent lower compared to the previous year.
Corn: Omaha Corn was 0.07 lower at 4.58 with March futures at 4.4275, 0.0350 lower.

 

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