Weekly Market Summary... June 21, 2024

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

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Compared to last week, fed cattle trade in the Southern and Northern Plains was higher. Feeder cattle were higher while stocker calves were steady with live cattle futures and feeder cattle futures mostly lower. The choice dressed beef cutout was higher with corn lower.

Cattle/Beef Market-Strength Indexes

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: +1.23%

Change from 10 Days Ago:  +7.96%

   

 60-Day Index Trendline

Change from 60 Days Ago: +26.01%​

Change from 60 Day High:   0.00%​

 

Fed Cattle: Late Friday trade in the Southern Plains was 3.00 higher at 190.00 with Northern Plains trade 2.50 higher at 198.50. In the 3 front months, Live Cattle futures closed the week from 1.23 lower to 0.78 higher. USDA’s steer carcass weight data showed weights averaged 918 lbs. this week, compared to 924 lbs. last week and 882 lbs. last year.
  • S: This Week: 190.00 / Month Ago: 187.00 / Year Ago: 180.00 / 5 Year Avg: 137.79
  • N: This Week: 198.50 / Month Ago: 192.00 / Year Ago: 183.00 / 5 Year Avg: 140.55
Feeder Cattle: The national average price for feeder steers was 262.97, 1.58 higher with trade mostly steady to 4.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 2.48 to 3.60 lower.
  • This Week: 262.97 / Month Ago: 261.18 / Year Ago: 228.99 / 5 Year Avg: 172.57
Stocker Calves: The national average price for stocker steers was 321.26, 0.01 higher with trade 2.00 lower to 3.00 higher.
  • This Week: 321.26 / Month Ago: 322.64 / Year Ago: 267.35 / 5 Year Avg: 200.82
CME Feeder Cattle Index: 257.47, another all-time record high, and 1.34 higher than last Friday.
  • This Week: 257.47 / Month Ago: 250.14 / Year Ago: 221.00 / 5 Year Avg: 170.72
Boxed Beef Cutout: The Choice cutout was 2.50 higher at 322.39 and the Select cutout 0.70 lower at 303.11. The Choice/Select spread is at 16.08, 0.47 wider.
  • This Week: 322.39 / Month Ago: 310.45 / Year Ago: 334.01 / 5 Year Avg: 267.72
Cutter Cow Cutout: 2.61 higher at 285.77.
Slaughter Cows: Trade mostly 2.00 lower to 5.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, June 22nd was estimated at 1050.3 million lbs. according to the USDA Marketing Service. This was 1.2 percent higher than a week ago and 2.3 percent higher than a year ago.  Cumulative meat production for the year to date was 0.3 percent lower compared to the previous year.
Corn: Omaha Corn was 0.16 lower at 4.46 with September futures at 4.4050, 0.0950 lower.

 

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