Live cattle futures posted contract highs on Wednesday, with contracts closing up $1.40 to $1.50. Preliminary open interest was up 2,836 contracts. They are backing off in the Thursday session due to profit taking, and down $1 or more in several contracts at midday. Cash trade has been light this week, with southern bids near $225-228 and the North at $235. Some light trade was picked up in KS at $230. Feeder cattle closed out the Wednesday trade with contracts $3 to $3.50 higher, but are fading that rally with losses of 25 to more than $1at midday on Thursday. The CME Feeder Cattle Index was back up 81 cents to $321.91 on July 15.
USDA reported net weekly beef export sales of 8,800 MT in this morning’s update for the week ending July 10. That included the July 4th weekend. Sales were down 24% from the pre-holiday week, with Japan the largest buyer.
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USDA Wholesale Boxed Beef prices were lower again in the Thursday AM report, with the Chc/Sel spread widening back to $16.46. Choice boxes (600-900 lb) were down $0.48 to $372.37, while Select was quoted $2.00 lower at $355.91/cwt. USDA estimated cattle slaughter for Wednesday at 117,000 head, with the weekly total at 347,000. That was 15,553 head lower vs. the same Wednesday midweek total in 2024.
Aug 25 Live Cattle are at $223.200, down $0.700,
Oct 25 Live Cattle are at $219.700, down $1.050,
Dec 25 Live Cattle are at $219.925, down $1.100,
Aug 25 Feeder Cattle are at $324.650, down $0.925
Sep 25 Feeder Cattle are at $324.800, down $1.050
Oct 25 Feeder Cattle are at $323.075, down $0.900
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
