Beef Brief-June 19, 2024

Posted June 18, 2024

Week ending June 14, 2024

All fed cattle trade values were up last week. Southern trade closed $2 higher at $187, while northern trade was $6 higher at $196. Live cattle futures closed the week $4.65 to $6 higher across the front three months of trade.

Cash prices in the stocker and feeder calf sector were lower, with futures trade seeing increases in value. The national average price for stocker steers closed the week at $321.25—$0.26 lower for the week. Trade varied from $3 lower to $3 higher. The national average price for feeder steers closed the week $0.62 lower at $261.39. Feeder cattle futures were up $6.65 to $7.05 for the week.

The boxed beef cutout closed higher for the week, with the Choice cutout $3.14 higher at $319.89. The Select cutout followed suit, closing up $2.67 for the week at $303.81. The Choice/Select spread widened by $0.47, closing at $16.08.

The cutter cow cutout closed the week $4.04 higher at $283.16, with slaughter cow trade varying from $1 lower to $4 higher.

The USDA reported carcass weights averaged 924 lb. for the week, compared to 920 lb. from the week before and 887 lb. last year. Total red meat under federal inspection was estimated at 1,040.4 million lb. for the week. This was 0.6% lower than last week, but 3.1% higher than a year ago. Cumulative red meat production for the year to date is 0.4% lower compared to last year at this time.