Live Cattle Futures Market News and Commentary
At the close, front month fat cattle futures were 22 to 57 cents weaker. USDA confirmed cash trade from $120 to $124 on Thursday, with sales of $195 to $201 in the beef. The bulk of trade has remained $119-$120 for the South and from $122-$123 in the North. Feeder cattle futures ended the session with $1.22 to $1.67 cent losses. The 7/28 CME Feeder Cattle Index was $154.00, back down by 34 cents.
The weekly FAS data release showed beef export bookings were 22,467 MT for the week that ended 7/22. That was down from 25k MT last week but still 43% above the same week last year. South Korea was the top buyer with an 8,200 MT purchase, followed by Japan and China at 6,100 and 4,500 MT respectively. South Korea was also the top destination for the week’s 19,135 MT of export shipments.
Wholesale Boxed Beef prices continued upward through USDA’s Thursday afternoon quote. Choice boxes were seen another $2.06 stronger while Select gained 70 cents. Cattle slaughter for the week t... Read more