Weekly Market Summary... June 7, 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 limited with a lower undertone. Feeder cattle and stocker calves were lower with live cattle futures and feeder cattle futures mostly lower. The choice dressed beef cutout was higher with the select cutout lower. Corn traded higher.
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: +1.69%
Change from 10 Days Ago: -3.75%
60-Day Index Trendline
Change from 60 Days Ago: +11.06%
Change from 60 Day High: -6.41%
Fed Cattle: Light trade in the Southern Plains was 1.00 lower at 185.00 with Northern Plains trade 1.00 lower at 189.00. In the 3 front months, Live Cattle futures closed the week from 1.28 lower to 0.62 higher. USDA’s carcass weight data showed weights averaged 920 lbs. this week, compared to 921 lbs. last week and 883 lbs. last year.
- S: This Week: 185.00 / Month Ago: 184.00 / Year Ago: 185.00 / 5 Year Avg: 137.24
- N: This Week: 189.00 / Month Ago: 187.00 / Year Ago: 189.00 / 5 Year Avg: 139.98
Feeder Cattle: The national average price for feeder steers was 262.01, 1.62 lower with trade mostly 3.00 lower to 1.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 1.48 to 2.52 lower.
- This Week: 262.01 / Month Ago: 257.59 / Year Ago: 231.85 / 5 Year Avg: 171.30
Stocker Calves: The national average price for stocker steers was 321.51, 0.86 lower with trade 4.00 lower to 3.00 higher.
- This Week: 321.51 / Month Ago: 318.64 / Year Ago: 272.77 / 5 Year Avg: 199.60
CME Feeder Cattle Index: 251.20, 2.96 higher than last Friday.
- This Week: 251.20 / Month Ago: 240.61 / Year Ago: 222.20 / 5 Year Avg: 169.78
Boxed Beef Cutouts: The Choice cutout was 3.55 higher at 316.55 and the Select cutout 0.57 lower at 301.14. The Choice/Select spread is at 15.61, 4.12 wider.
- This Week: 316.55 / Month Ago: 294.57 / Year Ago: 332.93 / 5 Year Avg: 266.98
Cutter Cow Cutout: 2.28 higher at 279.12
Slaughter Cows: Trade mostly 1.00 lower to 4.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, June 8th was estimated at 1046.4 million lbs. according to the USDA Marketing Service. This was 13.0 percent higher than a week ago and 4.4 percent higher than a year ago. Cumulative meat production for the year to date was 0.6 percent lower compared to the previous year.
Corn: Omaha Corn was 0.04 higher at 4.58 with July futures at 4.4875, 0.0250 higher.
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