Live cattle futures posted contract highs on Wednesday, with contracts closing up $1.40 to $1.50. Preliminary open interest was up 2,836 contracts. They are backing off in the Thursday session due to profit taking, and down $1 or more in several contracts at midday. Cash trade has been light this week, with southern bids near $225-228 and the North at $235. Some light trade was picked up in KS at $230. Feeder cattle closed out the Wednesday trade with contracts $3 to $3.50 higher, but are fading that rally with losses of 25 to more than $1at midday on Thursday. The CME Feeder Cattle Index was back up 81 cents to $321.91 on July 15.
USDA reported net weekly beef export sales of 8,800 MT in this morning’s update for the week ending July 10. That included the July 4th weekend. Sales were down 24% from the pre-holiday week, with Japan the largest buyer.
