On Thursday, live cattle futures closed down between 5 to 55 cents due to pressure from beef prices. The cash trade reported very light activity in the Southern market, with bids ranging from $223 to $227. A few Northern trades were recorded at $235. The CME Feeder Cattle Index increased by $5.08 to $321.84 as of July 9, while feeder cattle prices rose by 80 cents to $1.20, closing higher despite midday pressure.
In response to a case of New World Screwworm found 370 miles south of the U.S.-Mexico border, USDA Secretary Rollins announced the suspension of animal imports from Mexico on Wednesday. Meanwhile, export sales data for the week of July 3 showed 11,566 MT of beef sold, with Japan and South Korea being the top buyers.
USDA Wholesale Boxed Beef prices decreased again, with Choice boxes down to $384.66 and Select boxes at $370.86 per cwt. An estimated 115,000 head were slaughtered on Thursday, bringing the weekly total to 464,000, down 8,000 from last week and 15,228 lower compared to the same week last year.
