Market Update on Cattle Futures
Cattle Futures Performance
On Wednesday, live cattle futures achieved record highs, but they experienced a decline on Thursday, closing with losses between 22 and 42 cents. This week has seen limited cash trading activity, with some transactions reported in Kansas between $230 and $231, while northern markets reported thin trades at $242.
Status of Feeder Cattle
Feeder cattle also faced challenges, sinking between 30 and 60 cents lower by Thursday’s end. The CME Feeder Cattle Index rose by 26 cents, reaching $322.17 as of July 16.
Beef Export Sales
The USDA reported a weekly total of 8,800 MT in beef export sales for the week ending July 10, which accounted for the aftermath of the July 4th holiday. This figure marks a 24% decrease compared to the week prior, with Japan emerging as the leading buyer.
Boxed Beef Prices
According to the USDA’s Thursday afternoon report, wholesale boxed beef prices varied. The spread between Choice and Select boxes expanded to $19.44. Choice boxes, weighing between 600 and 900 pounds, decreased by $0.43, settling at $372.28, whereas Select boxes fell by $4.07, priced at $353.84 per cwt.
Cattle Slaughter Estimates
For Thursday, the USDA estimated cattle slaughter at 115,000 head, bringing this week’s total to 458,000. This represents a decline of 20,053 head compared to the same week in the previous year.
Live Cattle Futures Summary
- August 25 Live Cattle: Closed at $223.675, a drop of $0.225
- October 25 Live Cattle: Closed at $220.325, a decrease of $0.425
- December 25 Live Cattle: Closed at $220.500, down by $0.525
Feeder Cattle Futures Summary
- August 25 Feeder Cattle: Closed at $325.000, down by $0.575
- September 25 Feeder Cattle: Closed at $325.425, a decline of $0.425
- October 25 Feeder Cattle: Closed at $323.675, down by $0.300
Please note that the information provided is intended solely for informational purposes.
