Live cattle futures rallied another $2.45 to $2.90 across most nearby contracts on Thursday, showing gains in the front months for each of the 4 days this week. Preliminary open interest was down 189 contracts, with the front three leading the charge. There were no deliveries issued for August live cattle on Wednesday. Cash trade has yet to kick off this week outside of the $237 in Wednesday’s FCE. Feeder cattle futures continued to push higher on Thursday, as contracts were $3.62 to $6.07 higher, extending to new highs. The CME Feeder Cattle Index was up 76 cents to $336.97 on August 6.
Beef Export Sales data showed a total of 15,921 MT in sales during the week of 7/31, nearly double the previous week. Shipments were 14,049 MT, a 4-week high.
