Live cattle futures were up another $3.37 to $4.50, as cash strength continues. Cash trade saw action increase to $230 sales in the South. North action has been quiet, with a few whispers of $240. Feeder cattle futures were rallying on Thursday, with contracts up $4.80 to $5.27. The CME Feeder Cattle Index was up $1.35 on June 4 with an average price of $304.86.
Export Sales data showed beef export business at just 8,978 MT during the week that ended on May 29, which was a 5-week low. South Korea was the buyer of 4,500 MT, with 2,800 MT sold to Japan. Actual shipments were tallied at 10,940 MT the lowest total for the calendar year. Japan was the top destination of 3,300 MT, with 2,900 MT headed to South Korea.
Monthly Census data converted to a carcass weight basis showed 237.2 million lbs of beef shipped in April, which would be a 5-year low and down 7.3% from March.
USDA’s National Wholesale Boxed Beef prices were mixed again in the Thursday PM report, widening the Chc/Sel spread to $10.24. Choice boxes were back up $1.69 at $366.85, while Select was quoted 11 cents lower at $356.61/cwt. USDA’s Federally inspected cattle slaughter for Thursday was 120,000 head, with the week to date total at 477,000 head. That is down 7,727 head from the same week last year.
Jun 25 Live Cattle closed at $222.900, up $4.500,
Aug 25 Live Cattle closed at $216.825, up $4.475,
Oct 25 Live Cattle closed at $213.975, up $3.375,
Aug 25 Feeder Cattle closed at $309.150, up $5.275,
Sep 25 Feeder Cattle closed at $308.300, up $5.150,
Oct 25 Feeder Cattle closed at $306.075, up $4.800,
