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Cattle Feeling Weakness Again on Thursday

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Live cattle are slipping lower at midday, with contracts mostly a tik to 52 cents lower. ย Cash trade has been slow to develop this week, with the Central Stockyards Fed Cattle Exchange selling 374 of the 1,890 head for an average of $185. Feeders are trading with midday losses of 55 cents to $1.05. The CME Feeder Cattle index was down another 8 cents on May 7 to $239.45.

Export Sales data showed just 12,337 MT of beef was sold in the week ending on 5/2, dropping to a 7-week low. Export shipments were tallied at 16,241 MT, a 3-week high.

USDAโ€™s Wholesale Boxed Beef prices were mixed in the Thursday AM report. Choice boxes were up 26 cents at $296.93, with Select $1.55 lower to $286.70. That raised the Chc/Sel spread to $10.23. USDA estimated federally inspected cattle slaughter on Wednesday at 123,000 head, taking the weekly total to 367,000 head. That is 7,000 head above last week and down 11,722 head from the same week last year.

Jun 24 Live Cattleย ย are at $176.450, down $0.025,

Aug 24 Live Cattleย ย are at $174.300, up $0.075,

Oct 24 Live Cattleย ย are at $177.425, down $0.025,

May 24 Feeder Cattleย ย are at $239.125, down $1.075

Aug 24 Feeder Cattleย ย are at $251.850, down $0.550

Sep 24 Feeder Cattleย ย are at $252.825, down $0.575

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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