Weekly Market Summary... October 23, 2020
A look at the week’s prices, trends, and news for the cattle/beef complex.
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For the week, the reality of heavier carcass weights and ample cattle supplies, combined with drought and higher grain prices, sent cattle prices and futures tumbling.
Cattle/Beef Indexes for the week ending October 23, 2020
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.
Change from Previous Day: -0.28%
Change from 10 Days Ago: -5.58%
Change from 60 Days Ago: -9.55%
10-Day Index Trendline
60-Day Index Trendline
Slaughter Cattle: In the South, trade at 106.00, 2.00 lower than last week. Northern dressed trade at 164.00, 5.00 lower than last week. In the 3 front months, Live Cattle futures closed 3.80 to 5.05 lower than last week.
Feeder Cattle: National average price for feeder steers @ 133.26, 5.84 lower than last week with trade 4.00 to 7.00 lower. In the 3 front months, Feeder Cattle futures closed 3.77 to 5.37 lower for the week.
Stocker Calves: National average price for stocker steers @ 145.49, 5.43 lower than last week with trade 2.00 to 7.00 lower than last week.
Feeder & stocker cattle marketings, compared to a year ago, are down 7.11% or 870,600 head less compared to 816,200 head less last week.
CME Feeder Cattle Index: 134.01, 6.21 lower than last Friday.
Boxed Beef Cutouts: Choice cutout 2.54 lower at 207.49 and the Select cutout 2.12 lower at 191.40. The Choice/Select spread is 16.09, 0.42 lower than last week.
Cutter Cow Cutout: 4.26 lower at 163.31.
Slaughter Cows: Trade ranged from 1.00 higher to 2.00 lower.
Total red meat production under Federal inspection for the week ending Saturday, October 24, 2020 was estimated at 1119 million lbs. This was 0.6 percent lower than a week ago and 1.4 percent higher than a year ago. Cumulative meat production for the year to date was 0.3 percent higher compared to the previous year.
Grain: For the week, Kansas City corn 0.01 higher @ 4.13 with the futures @ 4.1925, up 0.1725. Cash wheat 0.11 higher @ 5.38 and the futures @ 6.3275, up 0.0750.
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