Live cattle futures increased by $1.12 to $1.60 on Thursday, with August futures rising 75 cents for the week. Cash trade prices in the North reached $230-$232, while early sales in the South climbed from $222-$224 to $225. In the feeder cattle market, futures gained 47 to 75 cents on Thursday, and the August contract rose by $1.60 over the week. The CME Feeder Cattle Index fell by $2.27 to $311.83.
Export Sales data for the week ending June 26 revealed that 11,436 metric tons (MT) of beef were sold, with South Korea purchasing 3,400 MT and Japan acquiring 2,800 MT. Actual shipments amounted to 14,825 MT, marking a 6-week high. The USDA reported that the total federally inspected cattle slaughter for Thursday was estimated at 115,000 head, bringing the weekly total to 475,000 head, which is 23,000 head higher than the previous week and 112,964 head more compared to the same week last year.
Wholesale prices for USDA Boxed Beef were down on Thursday, with Choice boxes declining by $5.11 to $389.75 and Select boxes decreasing by $1.87 to $378.44 per cwt. Notably, May beef exports were reported at 228.9 million lbs, the lowest figure for that month since 2017 and 3.5% below last month.
