Live cattle futures are trading with $1.15 to $1.30 gains so far at Thursday’s midday. Cash trade showed light sales of $180-182 reported in the South on Wednesday, steady to $1 higher from last week. Thursday’s Fed Cattle Exchange showed 2 lots sold at $181 in KS and TX using their BidTheGrid™ method, with the remaining 1,277 head showing bids of $178-181. Feeder cattle futures are up $1.50 to $2.40 across the front months. The CME Feeder Cattle Index was up a nickel at $243.04 on September 10.
Export Sales data showed beef sales of 11,411 MT, a 5-week low for bookings. Export shipments were the lowest for the marketing year at 11,830 MT.
Monthly WASDE data showed the projected 2024 US beef production at 26.795 billion lbs, up 60 million from last month on a 20 million lb hike to quarter 3 and 40 million increase to quarter 4. Production expected for 2025 is now at 25.625 billion lbs, up 180 million from last month.
USDA wholesale Boxed Beef prices were higher in the Thursday AM report. Choice boxes were back up 44 cents @ $307.80, with Select $1.44 higher at $295.82. The Chc/Select spread narrowed to $11.98. USDA estimated Wednesday’s federally inspected cattle slaughter at 124,000 head, taking the weekly total to 362,000 head. That is well above the previous week due to the holiday but 14,618 head below the same week last year.
Oct 24 Live Cattle are at $178.225, up $1.275,
Dec 24 Live Cattle are at $178.600, up $1.375,
Feb 25 Live Cattle are at $179.500, up $1.175,
Sep 24 Feeder Cattle are at $242.225, up $1.675
Oct 24 Feeder Cattle are at $239.900, up $2.400
Nov 24 Feeder Cattle are at $235.675, up $1.650
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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
