Beef Brief-March 27, 2024

Posted March 27, 2024

Week ending March 22, 2024

Fed cattle trade saw increases in trade value for the week. Northern trade was $2 higher at $188. Trade in the South was $2.50 higher, closing at $190. Live cattle futures closed the week $1.12 lower to $0.25 higher across the front three months of trade.

The national average price for feeder steers settled at $259.93 for the week, up $3.30. Trade varied from steady to $5 higher. Futures trade varied for the week from $2.23 lower to $0.68 higher. The national average price for stocker steers closed $3.20 higher at $325.09. Trade was steady to $6 higher.

Boxed beef cutouts were lower for the week. The Choice cutout closed at $310.72, down $1.18 for the week. The Select cutout was $0.93 lower at $301.47, causing the spread to narrow by $0.25, closing at $9.25.

The cutter cow cutout was $1.30 higher at $257.10, with slaughter cow trade $1 to $7 higher.

Total red meat production was estimated at 1,049.8 million lb., 1.3% higher than 1 week ago, but 0.4% lower than a year ago. Cumulative red meat production for the year to date is 1.7% lower than last year.