Live cattle futures reached contract highs on Wednesday but declined on Thursday, closing with losses between 22 to 42 cents. As cash trade remained light, transactions occurred in Kansas at $230-231 and a thin $242 in northern markets. Feeder cattle prices also fell by 30 to 60 cents, with the CME Feeder Cattle Index rising by 26 cents to $322.17 as of July 16.
The USDA reported net weekly beef export sales of 8,800 metric tons for the week ending July 10, a 24% decrease from the pre-holiday week, with Japan being the largest buyer. Additionally, USDA’s Thursday report showed mixed wholesale boxed beef prices, where Choice boxes decreased $0.43 to $372.28 and Select boxes dropped $4.07 to $353.84 per cwt. Estimated cattle slaughter for Thursday was 115,000 head, bringing the weekly total to 458,000, which is 20,053 head lower compared to the same time last year.
On Thursday, the following live and feeder cattle futures closed: Aug 25 Live Cattle at $223.675 (down $0.225), Oct 25 Live Cattle at $220.325 (down $0.425), Dec 25 Live Cattle at $220.500 (down $0.525); Aug 25 Feeder Cattle at $325.000 (down $0.575), Sep 25 Feeder Cattle at $325.425 (down $0.425), Oct 25 Feeder Cattle at $323.675 (down $0.300).
