Midday Cattle Firming

So far live cattle futures are mostly higher with 25 to 37 cent gains. The June contract is bouncing within a dime of UNCH ahead of options expiration. USDA confirmed Southern trade near $135 this week, with cattle trading hands in NE near $139. Feeder cattle futures are up $0.55 to $1.02 on the board at midday. The CME Feeder Cattle Index was $153.48 on 6/1 after a 12 point bounce.     

USDA’s weekly Export Sales report had 17,900 MT of beef bookings from the week of 5/26. That was down 11% wk/wk. Shipments were tallied at 19,200 MT, mainly to South Korea and Japan, which was a 10% increase from the week prior. 

Wholesale Boxed Beef prices firmed in this morning’s report. Choice was up by 65 cents as Select dropped 46 cents. USDA estimated FI cattle slaughter for the week through Thursday at 381k head, up 56k head yr/yr. 

Jun 22 Cattle  are at $133.525, down $0.100,

Aug 22 Cattle  are at $134.325, up $0.200,

Oct 22 Cattle  are at $139.900, up $0.275,

Aug 22 Feeder Cattle  are at $174.000, up $1.050

Sep 22 Feeder Cattle  are at $176.275, up $0.800