Cattle Face Mixed Action, as Front Months Supported by Cash Trade
Live cattle futures saw June with 37 cent gains on Thursday, trying to keep up with the cash market, as other contracts were down 67 cents to $1.07. Cash trade has been reported at $235-238 in the South so far this week, with dressed action at $380 in the North. Feeder cattle futures were mixed on the Thursday session, with August up 17 cents and other nearbys down 25 to 40 cents. The CME Feeder Cattle Index was up $1.23 on June 11 with an average price of $315.85.
USDA tallied beef export sales at 15,337 MT in the week ending on June 5. That was an 8-week high and nearly double the week prior. South Korea was the buyer of 6,100 MT, with 3,200 MT sold to Japan. Shipments were 14,542 MT, whish was the highest in 3 weeks. Of that total, 5,300 MT was headed to South Korea with 4,200 MT to Japan.
USDA’s National Wholesale Boxed Beef prices were higher on Thursday afternoon, with the Chc/Sel spread at $13.65. Choice boxes were up another $1.96 at $376.72, while Select was quoted $2.32 higher at $363.07/cwt. USDA’s Federally inspected cattle slaughter for Thursday was estimated at 115,000 head, with the weekly total 456,000 head. That is 21,000 head below the week prior and 32,969 head below the same week last year.
Jun 25 Live Cattle closed at $228.200, up $0.375,
Aug 25 Live Cattle closed at $216.950, down $1.075,
Oct 25 Live Cattle closed at $214.350, down $0.675,
Aug 25 Feeder Cattle closed at $311.250, up $0.175,
Sep 25 Feeder Cattle closed at $310.550, down $0.250,
Oct 25 Feeder Cattle closed at $308.450, down $0.400,
On the date of publication, Austin Schroeder 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.