Beef Brief-May 8, 2024

Posted May 7, 2024

Week ending May 3, 2024

Live cash cattle trade saw increases in value for the week. Trade in the northern and southern plains were up $2 for the week, closing respectively at $187 and $184. Live cattle futures closed modestly lower for the week across the front three months of trade, varying from $1.90 to $2.55 lower.

Stocker and feeder cattle trade saw a slight variability in the marketplace as well. The national average for stocker steers settled $3.67 higher for the week at $320.40, with trade varying from steady to $6 higher. The national average price for feeder steers was $2.95 higher, closing at $259.62. Trade was $2 lower to $6 higher. Feeder cattle futures closed the week from $5.10 to $5.80 lower across the front three months of trade.
Boxed beef cutouts were lower for the week. The Choice cut out closed at $294.20 for the week $2.94 lower from week opening. The Select cutout was down $1.07 for the week, settling at $287.65. The Choice/Select spread settled at $6.55 for the week, narrowing by $1.87.
The cutter cow cutout was $0.20 down for the week at $296.66.  Slaughter cow trade varied from $4 lower to $2 higher.
Total red meat production for last week was estimated at 1,046.9 million lb. This was 1.1% higher than a week ago and 0.6% higher than a year ago. Cumulative meat production for the year to date was 1.1% lower compared to last year at this time. Hot carcass weight data from last week averaged 919 lb., compared to 922 lb. week prior and 902 lb. last year.