Beef Brief-Nov. 29, 2023

Posted November 29, 2023

Week ending Nov. 24, 2023

We are still seeing a downward trend in fed cattle in the national market. Lightweight cattle in the North and South traded at $1 lower at $177 and feeder cattle traded at $3 lower at $228.61. Stockers were lower by $2.23 at $271.48.

For reference, feeder cattle were $185 a month ago, but $155 a year ago. They traded at $239.80 last month, but at $172.74 last year. As we see the market soften, we are still better than 2022.

Boxed beef cutouts traded at $298.03, compared to $307.57 last month. The Choice/Select spread was at $23.17, which was $9.87 lower from last week. Slaughter cows ranged from $2 to $5 higher.

Total red meat production was estimated at 923.7 million pounds, which is about 15.5 percent lower than last week. Cumulative meat production is estimated to be 2.6 percent lower than the previous year.