Live cattle are posting $1 to $1.85 gains on Friday. Cash action has been light so far this week, with sales of $190 reported in the South, steady in the week, and $198 bids reported in the north. Feeder cattle are steady to 62 cents higher, as strength in corn is limiting gains. The CME Feeder Cattle Index was back down $1.14 on July 2 at $256.44.
Weekly Export Sales data from this morning saw 15,453 MT in beef bookings during the week of 6/27, back down from the previous week. Shipments were 16,063 MT, a 4-week low.
USDA wholesale Boxed Beef prices were back higher in the Friday AM report. Choice boxes were up $1.02 to $330.86/cwt, with Select $1.62 higher at $306.00. The Chc/Select spread widened to $24.86. USDA estimated Wednesday’s FI slaughter at 120,000 head, taking the WTD total to 353,000 head. That is even with the previous week despite the Cargill disruption and well above the same week last year due to the holiday falling on Tuesday.
Aug 24 Live Cattle are at $187.775, up $1.850,
Oct 24 Live Cattle are at $188.250, up $1.400,
Dec 24 Live Cattle are at $189.850, up $1.000,
Aug 24 Feeder Cattle are at $263.375, unch,
Sep 24 Feeder Cattle are at $263.975, up $0.350
Oct 24 Feeder Cattle are at $264.150, up $0.625
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