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On Friday, live cattle futures dropped by 97 cents to $1.20 in the front months, with the October contract losing $3.67 this week. Cash sales were reported at $242-$243, seeing a slight increase in the South and a decrease in the North. The Fed Cattle Exchange auction sold 40 of the 242 head offered at $242. Feeder cattle futures ended down $1 to $2, with the September contract decreasing by $4.95 for the week.
Weekly export sales for the week of August 28 reached 16,573 MT of beef, a six-week high, with Japan being the top buyer at 5,000 MT. Total shipments were 11,486 MT, including 3,500 MT to Japan and 2,800 MT to South Korea. In the latest Commitment of Traders report, managed money increased their net long position in live cattle futures by 4,290 contracts, totaling 130,442 contracts as of Tuesday.
The USDA reported wholesale boxed beef prices declining, with Choice boxes down $3.45 to $4,110.76 and Select boxes down $2.58 to $385.19. Cattle slaughter for the week was estimated at 487,000 head, significantly lower than last week due to the holiday.
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