Live Cattle (P) Futures PricesThu, Jun 30th, 2016
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Live cattle futures settled $.50 to $1.10 higher, with June going off the board at $120.00. Feeders settled $1.20 to $1.70 higher, benefiting from lower corn and stronger cattle. The CME Feeder Cattle Index for 6/29 was $2.54 higher at $143.81. Some moderate cash cattle trade developed today at $122 in the South, with $195-196 in the north. This is at least $5 higher than last week depending on what is in the pens. Wholesale beef prices were lower on weak to moderate demand and offerings. Choice boxed beef prices averaged 13 cents lower, with select product down 87 cents. Estimated week to date FI cattle slaughter is 450,000 head, vs. 452,000 through last Thursday and 453,000 a year ago. USDA reported weekly beef export sales through June 23 of 14,600 MT. This is fairly routine. South Korea the leading buyer at 5,300 MT.
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