Weekly Market Overview for Week Ending 7/22/22

For the week, slaughter cattle trade was 1.00 to 3.00 lower with feeder cattle slightly higher and stocker calves slightly lower. Anticipation of bullish USDA reports pushed Live Cattle & Feeder Cattle Futures higher on Friday while dressed beef cutouts were mixed and corn lower.

   

Cattle/Beef Complex 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: +2.10%

Change from 10 Days Ago: +4.22%

   

 60-Day Index Trendline

Change from 60 Days Ago: +17.28%​

Change from 60 Day High:   0.00%​

 

Slaughter Cattle: Trade in the South was 1.00 lower at 136.00 with Northern dressed trade 3.00 lower at 227.00. In the 3 front months, Live Cattle futures closed from 2.45 to 3.45 higher. USDA’s most recent carcass weight data showed weights averaged 890 lbs., 7 lbs. heavier than last week and 5 lbs. above last year.

Feeder Cattle: The national average price for feeder steers @ 173.55, 0.68 higher with trade 3.00 lower to 2.00 higher. In the 3 front months, Feeder Cattle futures closed from 4.55 to 5.20 higher.

Stocker Calves: The national average price for stocker steers @ 194.62, 0.71 lower with trade 3.00 lower to 2.00 higher.

CME Feeder Cattle Index: 171.01, 1.61 lower than last week.

Boxed Beef Cutouts: Choice cutout 1.79 lower at 267.12 and the Select cutout 0.71 higher at 242.50. The Choice/Select spread at 24.62, 2.50 lower. 

Cutter Cow Cutout: 1.39 lower at 216.58.

Slaughter Cows: Trade 3.00 to 7.00 lower.

Total red meat production under Federal inspection for the week ending Saturday, July 23, 2022 was estimated at 1027.9 million lbs. according to the USDA’s Marketing Service. This was 0.1 percent lower than a week ago and 0.1 percent higher than a year ago.  Cumulative meat production for the year to date was 1.1 percent lower compared to the previous year.

Grain: Corn was 0.35 lower @ 7.04 with September futures @ 5.6425, 0.4000 lower. Wheat 0.20 lower @ 7.73 and the futures @ 7.5900, down 0.1776.

 

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