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Live cattle futures increased by $3.37 to $4.50 on Thursday, driven by strong cash market activity, with cash cattle sales in the South noted at $230 per hundredweight. Preliminary open interest rose by 3,764 contracts. Feeder cattle futures also gained traction, climbing by $4.80 to $5.27, and preliminary open interest increased by 1,311 contracts.
Beef export sales reached 8,978 metric tons for the week ending May 29, a five-week low. South Korea was the largest buyer at 4,500 MT, followed by Japan with 2,800 MT. Actual beef shipments were 10,940 MT, marking the year’s lowest total. In April, 237.2 million pounds of beef were exported, a five-year low, down 7.3% from March. USDA slaughter numbers reported 120,000 head for Thursday, with a weekly total of 477,000, down 7,727 from last year.
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