Live cattle futures posted gains of $1.15 to $1.37 across the board on Thursday as traders were squaring up ahead of USDA’s Cattle on Feed report. Cash trade crept in earlier this week with some southern trade at $183-184 and northern action at $293-295 in the beef. Bids in NE have been reported at $184. The Central Stockyards Fed Cattle Exchange saw no sales on the 1,736 head, with bids of $182-183 on Thursday. Feeder cattle futures settled with gains of $1.50 to $2.72. The CME Feeder Cattle Index was down $1.06 at $242.67 on August 21.
Beef Export Sales totaled 15,855 MT in the week of 8/15, down sharply from last week. Shipments were a MY low at 12,498 MT.
A Reuters survey of analysts shows expectations of July feeder cattle placements up 3.2% from a year ago, as marketings are expected to be 8.1% larger than July 2023. August 1 on feed inventory is estimated as steady with last year. The Cattle on Feed report will be released on Friday afternoon.
USDA wholesale Boxed Beef were back higher in the Thursday PM report. Choice boxes were up 78 cents at $315.99, with Select products 95 cents higher @ $302.03. The Chc/Select spread was thus narrowed to $13.96. USDA estimated Thursday’s federally inspected cattle slaughter at 121,000 head, with the weekly total at 484,000. That is up 8,000 head from the previous week but 6,777 head below the same week last year.
Aug 24 Live Cattle closed at $182.550, up $1.325,
Oct 24 Live Cattle closed at $175.900, up $1.275,
Dec 24 Live Cattle closed at $175.525, up $1.250,
Aug 24 Feeder Cattle closed at $241.975, up $2.725,
Sep 24 Feeder Cattle closed at $238.200, up $2.525,
Oct 24 Feeder Cattle closed at $234.250, up $2.575,
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