Live cattle retreated lower on Thursday with contracts closing 35 cents to $1.05 in the red. August fats were still at a net 15 cent for the week’s net move into Friday. USDA reported solid cash trade volume mostly $3 to $4 higher for Thursday, from $188 in the WCB and from $180-$181 in the South. Thursday’s FCE auction had 1,614 head listed for sale. Only a few bids were picked up at $177-178 on 3 Texas lots, but no sales on asks of $180-183. Feeder cattle ended the day off their highs for a $5.70 trading range. At the close the board was $0.60 to $1.70 in the red. The CME Feeder Cattle Index was 65 cents weaker on 7/19 at $237.83.
This morning’s Export Sales report showed the 4th largest sale total this year at 20,943 MT, more than double last week’s total. South Korea was the top buyer of 7,800 MT, with Mexico at 4,100 MT. Weekly shipments totaled 16,230 MT, up from last week. The top destinations were Japan with 4,200 MT, South Korea with 3,600 MT and 3,300 MT on its way to China.
USDA’s Wholesale Boxed Beef values weakened by another $1.03 and $1.25 in Choice and Select respectively. That loosened the Chc/Sel spread back to $27.85. USDA estimated FI cattle slaughter for the week through Thursday at 495k head, lagging last week’s pace by 9k head but 1,000 above the same week last year.
Aug 23 Cattle closed at $180.325, down $1.000,
Oct 23 Cattle closed at $182.750, down $0.975,
Dec 23 Cattle closed at $185.975, down $1.050,
Aug 23 Feeder Cattle closed at $245.100, down $1.700
Sep 23 Feeder Cattle closed at $248.300, down $1.025
On the date of publication, Alan Brugler 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 Barchart Disclosure Policy here.
