Live cattle futures continue to pull away from their recent all time highs, with Thursday prices trading another 42 to $1.15 in the red. Feeders are also trading lower with $0.42 to $1.15 losses so far. Thursday’s cash market was shown from $182 to $184. The CME Feeder Cattle Index increased 11 cents to $251.90.
Weekly Export Sales data had 13,324 MT of beef sold during the week that ended 9/28. That was a 3-wk low. South Korea, Japan, and China were the top buyers for the week. The report had beef shipments at 15,084 MT for the week, bringing the yearly total to 615,208 MT.
Census data showed 259.5m lbs of beef exports for the month of August. That was down from last year’s 325.4m lb record, but was up 8% from July shipments. The YTD total was 2.08m lbs through August.
USDA’s AM Wholesale Boxed Beef report had Choice at $295.61 after a $1.15 drop, and Select at $274.77 down by 10 cents. USDA estimated the FI cattle slaughter at 375k head, down from 381k head last week and 386k head during the same week last year.
Oct 23 Cattle are at $181.500, down $0.700,
Dec 23 Cattle are at $185.100, down $0.925,
Feb 24 Cattle are at $189.250, down $1.125,
Cash Cattle Index was $182.000, from $183.00 last week
Oct 23 Feeder Cattle are at $247.225, down $0.550
Nov 23 Feeder Cattle are at $250.125, down $0.300
On the date of publication, Alan Brugler 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.
