On Thursday, live cattle futures saw gains between $1.15 and $1.37 as traders prepared for the USDA’s Cattle on Feed report. Cash trade included southern bids at $183-184 and northern bids at $293-295. The Central Stockyards Fed Cattle Exchange recorded no sales on 1,736 head, while bids were noted at $182-183. Feeder cattle futures rose by $1.50 to $2.72, with the CME Feeder Cattle Index dropping to $242.67.
Beef export sales for the week ending August 15 totaled 15,855 metric tons, a significant drop from the prior week, while shipments hit a marketing year low of 12,498 metric tons. A Reuters survey indicates July feeder cattle placements are forecasted to increase by 3.2% from the previous year, and marketings are expected to rise by 8.1% compared to July 2023.
USDA’s wholesale boxed beef prices also rose Thursday, with choice boxes at $315.99 (up 78 cents) and select boxes at $302.03 (up 95 cents). Thursday’s federally inspected cattle slaughter was estimated at 121,000 head, bringing the weekly total to 484,000, which is 8,000 head higher than the previous week but 6,777 head lower than the same week last year.
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