Weekly Market Summary... May 29, 2020
An in depth look at the week’s prices, trends, and news for the cattle/beef complex.
For the week, cash cattle and cattle futures were higher while dressed beef cutouts continued to plummet from recent record highs.
Cattle/Beef Indexes for the week ending May 29nd
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: +1.58% compared to +1.20% last Friday
60-Day Index: +3.24% compared to -3.84% last Friday
10-Day Index Trendline
60-Day Index Trendline
Slaughter Cattle: In the South, trade from 115.00 to 120.00 with bulk of trade at 118.00, 2.00 lower than last Friday. In the North, trade on a dressed basis from 175.00 to 190.00 with bulk of trade at 183.00, also 2.00 lower than last week. In the 3 front months, Live Cattle futures closed from 2.02 to 2.28 higher than last week.
Feeder Cattle: National average price @ 133.85, 2.31 higher than last week with trade 2.00 lower to 4.00 higher. In the 3 front months, Feeder Cattle futures closed 4.77 to 6.55 higher for the week.
Stocker Calves: National average price @ 157.15, 2.45 higher than last week with trade 2.00 lower to 5.00 higher.
Feeder & stocker cattle marketings are down 14.2% or 889,700 head less than a year ago.
CME Feeder Cattle Index: 129.36, 3.12 higher than last Friday.
Boxed Beef Cutouts: Choice cutout 33.40 lower at 363.34 and the Select cutout 34.11 lower at 340.07. The Choice/Select spread is 22.27, 0.71 higher than last week.
Cutter Cow Cutout: 4.40 lower at 238.26.
Slaughter Cows: Trade steady to 3.00 higher.
Total red meat production under Federal inspection for the week ending Saturday, May 30, 2020 was estimated at 862.2 million lbs. This was 6.4 percent lower than a week ago and 6.9 percent lower than a year ago. Cumulative meat production for the year to date was 2.7 percent lower compared to the previous year.
Grain: For the week, Kansas City corn 0.08 higher @ 3.29 with the futures @ 3.2575. Cash wheat 0.11 higher @ 5.00 and the futures @ 5.2075.
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