Week ending May 17, 2024

All classes of cattle prices were up last week and fed cattle trade saw steady increases. Northern trade closed the week up $3 at $186, while southern trade was up $2, settling at $186 for the week. Live cattle futures closed $4.53 to $4.93 across the front three months of trade.

Stocker and feeder cattle prices were up for the week. The national average price for stocker steers closed the week at $320.95, up $3.21. Trade varied from $1 lower to $5 higher. The national average price for feeder steers closed at $259.23, up $1.64. Trade varied from $1 lower to $4 higher. Feeder cattle futures surged last week, up $7.92 to $9.25 across the front three months of board trade.

Boxed beef prices also saw significant increases in value. The Choice cutout was $18.88 higher at $313.45. The Select cutout closed $13.23 higher at $297.40. The Choice/Select spread widened by $5.65, settling at $16.05 for the week.

Slaughter cow trade was more modest in increased trade values. The cutter cow cutout was $1.03 higher at $271.75. Slaughter cow trade ranged from $2 lower to $5 higher.

Total red meat production for the last week was estimated at 1,027.7 million lb. for the week. This was 1.4% lower than a week before and 1.2% than last year. The cumulative meat production for year to date compared to 2023 is down 1%. Hot carcass weights for the week averaged 923 lb., up from 920 lb. from the week before and 890 lb. last year.