Live cattle futures posted Thursday gains of $1.12 to $1.60 to close out the week, with August up 75 cents on the week. Cash trade showed sales of $230-232 in the North, with early sales of $222-224 in the South creeping to $225 on Thursday. Feeder cattle futures were up 47 to 75 cents on the Thursday session, with August showing a $1.60 gain on the week. The CME Feeder Cattle Index was down $2.27 to $311.83 on July 2. The market will resume trading on Monday.
Export Sales data showed a total of 11,436 MT of beef sold for shipment in the week ending on 6/26. South Korea was the buyer of 3,400 MT, with 2,800 MT sold to Japan. Actual shipments were 14,825 MT, a 6-week high. Japan was the top destination of 5,100 MT, with 4,200 MT sold to South Korea.
May beef exports totaled just 228.9 million lbs according to Census data, which was the lowest since 2017 for the month and 3.5% below last month.
USDA Wholesale Boxed Beef prices were lower in the Thursday PM report, with the Chc/Sel spread narrowing to $11.31. Choice boxes were down $5.11 to $389.75, while Select was quoted $1.87 lower at $378.44/cwt. USDA’s Federally inspected cattle slaughter for Thursday was estimated at 115,000 head, with the weekly total at 475,000 head. That was 23,000 head above the previous week and 112,964 head more vs. the same week last year.
Aug 25 Live Cattle closed at $214.050, up $1.600,
Oct 25 Live Cattle closed at $210.900, up $1.200,
Dec 25 Live Cattle closed at $211.250, up $1.125,
Aug 25 Feeder Cattle closed at $309.500, up $0.475,
Sep 25 Feeder Cattle closed at $309.375, up $0.500,
Oct 25 Feeder Cattle closed at $307.150, up $0.725,
