Weekly Cattle Market Overview for Week Ending 3/10/23

Weekly Market Summary... March 10, 2023

A look at the week’s prices, trends, and news for the cattle/beef complex.

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For the week, fed cattle trade in the South and North were steady. Feeder and stocker cattle were 3.00 higher. Live Cattle futures were lower with Feeder Cattle futures higher. Dressed beef cutouts and grain closed 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: -1.43%

Change from 10 Days Ago: +2.87%

   

 60-Day Index Trendline

Change from 60 Days Ago: +11.01%​

Change from 60 Day High:    -1.84%​

 

Slaughter Cattle: Trade in the South at 165.00 with Northern trade at mostly 265.00 on a dressed basis. In the 3 front months, Live Cattle futures closed from 1.15 to 2.02 lower. USDA’s most recent carcass weight data showed weights averaged 902 lbs., 4 lbs. lighter than last week and 16 lbs. lighter than last year.

• This Week: 165.00 / Month Ago: 156.00 / Year Ago: 160.00 / 5 Year Avg: 122.41

Feeder Cattle: The national average price for feeder steers @ 191.29, 3.19 higher with trade mostly 2.00 to 5.00 higher. In the 3 front months, Feeder Cattle futures closed from 1.47 to 2.62 higher.

• This Week: 191.29 / Month Ago: 182.35 / Year Ago: 156.53 / 5 Year Avg: 148.75

Stocker Calves: The national average price for stocker steers @ 232.45, 3.19 higher with trade mostly 1.00 to 8.00 higher.

• This Week: 232.45 / Month Ago: 218.68 / Year Ago: 191.41 / 5 Year Avg: 171.04

CME Feeder Cattle Index: 188.83, 3.40 higher than last week.

• This Week: 188.83 / Month Ago: 183.09 / Year Ago: 152.56 / 5 Year Avg: 148.29

Boxed Beef Cutouts: Choice cutout 4.41 lower at 284.91 and the Select cutout 5.32 lower at 271.54. The Choice/Select spread at 13.37, 0.91 higher.

• This Week: 284.91 / Month Ago: 269.66 / Year Ago: 254.71 / 5 Year Avg: 245.51

Cutter Cow Cutout: 0.52 higher at 209.20.

Slaughter Cows: Trade 2.00 lower to 3.00 higher.

Total red meat production under Federal inspection for the week ending Saturday, March 11, 2023 was estimated at 1065 million lbs. according to the USDA’s Agriculture's Marketing Service. This was 0.0 percent higher than a week ago and 1.0 percent lower than a year ago.  Cumulative meat production for the year to date was 1.8 percent lower compared to the previous year.

Grain: Corn was 0.29 lower @ 6.41 with May futures @ 6.1725, 0.2250 lower. Wheat 0.37 lower at 7.49 and the futures @ 6.7925, down 0.2950.

 

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