Beef Brief-Feb. 14, 2024

Posted February 13, 2024

Week ending Feb. 9, 2024

Fed cattle trade was again on the rise last week. Southern trade was $1 higher for the week at $179. Northern trade was reported lighter for the week, yet trade was up $3 at $180. Live cattle futures closed up $2.20 to $4.47. Carcass weights reported by the USDA were at 912 lb., down six lb. from the week prior, yet up two lb. from a year ago.

Stocker and feeder cattle trade also closed the week on an upward swing. The national average price for feeder steers was $3.10 higher at $244.37. Trade varied from $1 to $6 higher. Futures trade was up $0.40 to $2.35 for the week across the front three months of trade. The national average price for stocker calves was up $6.38 for the week at $304.68. Trade varied from $3 to $8 higher.

Boxed beef cutouts followed suit. The Choice cutout settled at $294.04 for the week, which was $0.96 higher. The Select cutout was up $1.61, closing at $285.08. The Choice/Select spread narrowed by $1.79, closing at $9.61.

The cutter cow cutout was $4.13 higher at $233.89. Slaughter cow trade varied from $1 lower to $3 higher for the week.

Total red meat production under federal inspection was estimated at 1093.6 million lb. for the week. This was 2.9% lower than week prior, yet 3.7% higher than a year ago. Cumulative red meat production for the year is 2.1% higher than a year ago.