Weekly Cattle Market Overview for Week Ending 3/24/23

Weekly Market Summary... March 24, 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 in the South traded 1.00 lower with dressed trade in the North 1.00 higher. Feeder cattle were steady while stocker calves traded 1.00 higher. Live Cattle futures were slightly higher while Feeder Cattle futures were mixed. Dressed beef cutouts were lower with grain higher.

   

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: +0.10%

Change from 10 Days Ago: -2.87%

   

 60-Day Index Trendline

Change from 60 Days Ago: +11.39%​

Change from 60 Day High:    -4.84%​

 

Fed Cattle: Trade in the South 1.00 lower at 163.00 with Northern trade 1.00 higher at 265.00 on a dressed basis. In the 3 front months, Live Cattle futures closed from 0.02 to 0.68 higher. USDA’s most recent carcass weight data showed weights averaged 903 lbs., 4 lbs. heavier than last week and 14 lbs. lighter than last year.

• This Week: 163.00 / Month Ago: 162.00 / Year Ago: 138.00 / 5 Year Avg: 122.70

Feeder Cattle: The national average price for feeder steers @ 191.39, 0.13 higher with trade mostly 3.00 lower to 2.00 higher. In the 3 front months, Feeder Cattle futures closed from 0.80 higher to 2.40 lower.

• This Week: 191.39 / Month Ago: 184.24 / Year Ago: 158.67 / 5 Year Avg: 149.11

Stocker Calves: The national average price for stocker steers @ 235.97, 1.12 higher with trade mostly 2.00 lower to 5.00 higher.

• This Week: 235.97 / Month Ago: 224.52 / Year Ago: 191.73 / 5 Year Avg: 171.51

CME Feeder Cattle Index: 188.85, 0.98 higher than last week.

• This Week: 188.85 / Month Ago: 182.77 / Year Ago: 154.82 / 5 Year Avg: 148.61

Boxed Beef Cutouts: Choice cutout 3.47 lower at 279.88 and the Select cutout 3.69 lower at 268.75. The Choice/Select spread at 11.13, 0.22 higher.

• This Week: 279.88 / Month Ago: 287.28 / Year Ago: 262.64 / 5 Year Avg: 245.99

Cutter Cow Cutout: 0.45 lower at 215.50.

Slaughter Cows: Trade ranged from 1.00 lower to 4.00 higher.

Total red meat production under Federal inspection for the week ending Saturday, March 25, 2023 was estimated at 1051.1 million lbs. according to the USDA’s Agriculture's Marketing Service. This was 1.0 percent lower than a week ago and 2.3 percent lower than a year ago.  Cumulative meat production for the year to date was 1.7 percent lower compared to the previous year.

Grain: Corn was 0.02 higher @ 6.72 with May futures @ 6.4300, 0.0850 higher. Wheat 0.04 higher at 7.94 and the futures @ 6.8850, down 0.2200.

 

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