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Live cattle futures rebounded on Thursday, with contracts rising by 7 cents to $1.85. Cash trade in the U.S. saw light action at $239-240 on Wednesday. The Fed Cattle Exchange auction on Thursday offered 1,646 head but recorded no sales, with bids at $238. Meanwhile, feeder cattle futures fell by 77 cents to $2.50, and the CME Feeder Cattle Index decreased by 99 cents to $372.00 as of October 21.
On the same day, the White House increased the tariff rate quota on Argentinian beef imports to 80,000 metric tons from the previous 20,000 metric tons. A Reuters survey anticipates a drop of 8.8% in September placements compared to last year, with marketings expected to decrease by 4.1%. The USDA reported that Wednesday’s cattle slaughter was estimated at 118,000 head, making the weekly total 327,000 head, which is 19,000 below last week and 41,923 below the same week last year.
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