Weekly Market Summary... July 19, 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 Plains was steady with Northern Plains trade lower.  Feeder cattle and stocker calves were both lower. Live cattle futures were mixed while feeder cattle futures closed lower, as did the dressed beef cutouts and corn.

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: -0.75%

Change from 10 Days Ago:  -3.49%

   

 60-Day Index Trendline

Change from 60 Days Ago: +6.93%​

Change from 60 Day High:  -3.73%​

 

Fed Cattle: Trade in the Southern Plains was steady at 188.00 with Northern Plains trade 2.00 lower at 196.00. In the 3 front months, Live Cattle futures closed the week from 0.80 lower to 0.73 higher. USDA’s steer carcass weight data showed weights averaged 916 lbs. this week, compared to 911 lbs. last week and 892 lbs. last year.
  • S: This Week: 188.00 / Month Ago: 190.00 / Year Ago: 180.00 / 5 Year Avg: 139.02
  • N: This Week: 196.00 / Month Ago: 198.50 / Year Ago: 188.00 / 5 Year Avg: 141.94
Feeder Steers: The national average price for feeder steers was 263.87, 1.25 lower with trade mostly 4.00 lower to 2.00 higher. In the 3 front months, Feeder Cattle futures closed the week from 1.90 to 3.05 lower.
  • This Week: 263.87 / Month Ago: 262.97 / Year Ago: 245.64 / 5 Year Avg: 174.37
Stocker Steers: The national average price for stocker steers was 317.51, 2.23 lower with trade 5.00 lower to 2.00 higher.
  • This Week: 317.51 / Month Ago: 321.26 / Year Ago: 278.20 / 5 Year Avg: 203.25
CME Feeder Cattle Index: 259.16, 1.88 lower than last Friday.
  • This Week: 259.16 / Month Ago: 257.47 / Year Ago: 238.96 / 5 Year Avg: 172.66
Boxed Beef Cutout: The Choice cutout was 8.23 lower at 313.83 and the Select cutout 3.51 lower at 298.80. The Choice/Select spread is at 15.03, 4.72 narrower.
  • This Week: 313.83 / Month Ago: 322.39 / Year Ago: 302.74 / 5 Year Avg: 269.35
Cutter Cow Cutout: 2.24 higher at 295.01.
Slaughter Cows: Trade mostly steady to 4.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, July 20th was estimated at 997.6 million lbs. according to the USDA Marketing Service. This was 1.5 percent lower than a week ago and 0.1 percent higher than a year ago.  Cumulative meat production for the year to date was 0.2 percent lower compared to the previous year.
Corn: Omaha Corn was 0.04 lower at 4.17 with September futures at 3.9050, 0.0975 lower.

 

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