Posted July 1, 2024
Week ending June 28, 2024
Fed cattle trade held steady last week, with northern trade closing at $198.50 and southern trade closing at $190. Futures trade closed the week $1.25 to $5.90 higher across the front three months of trade.
Stocker and feeder cattle trade was variable for the week. The national average price for stocker steers closed at $320.34, which was $0.92 lower for the week. Trade varied from $3 lower to $3 higher. The national average price for feeder steers was $264.80, which was $1.83 higher for the week. Trade varied from $2 lower to $5 higher. In the front three months of trade, futures closed $0.62 lower to $0.93 higher. The CME Feeder Cattle Index closed $1.13 higher at $258.60.
Boxed beef trade was up for the week. The Choice cutout closed at $326.32 for the week, up $3.93. The Select cutout saw more modest gains for the week, up $1.39 at $304.50. The spread widened by $2.54, closing at $21.82.
The cutter cow cutout was up $9.09 higher for the week at $294.86. Slaughter cow trade varied from $1 lower to $5 higher.
Total red meat production for the week was estimated to be at 1,040.2 million lb. This was 1% lower than a week ago, yet 2.4% higher than a year ago. Average hot carcass weights were reported to be at 917 lb. last week, compared to 918 lb. the week before and 893 lb. last year. Cumulative meat production for the year to date is 0.2% lower compared to last year at this time.