Cattle Extending Losses into Thursday
Live cattle futures are extending the pullback on Thursday with midday losses of $1.80 to $2.80. Cash action icked off on Thursday morning, with Southern sales of $218-220, steady, and $229 in the north. The Thursday morning Fed Cattle Exchange Online auction from Central Stockyards saw sales on 558 of the 1,304 head listed, with live action at $220-220.50 in the South and BidTheGrid™ sales at $222-225. Feeder cattle futures are falling at midday, with losses of $3.37 to $4.82. The CME Feeder Cattle Index was up just a penny on May 13, with the average price at $302.41.
Export Sales data showed a total of 14,599 MT of beef sold in the week ending on May 8, a 4-week high. South Korea was the top buyer of 4,500 MT, with 3,400 MT sold to Japan. Shipments were at a 3-week low of 13,643 MT. The top destination was South Korea at 4,800 MT, with 3,900 MT to Japan.
The Thursday AM National Wholesale Boxed Beef report was higher, with the Chc/Sel spread tightening to $11.42. Choice boxes were up 88 cents $350.24, while Select was quoted $2.97 higher at $338.82 per hundred pounds. USDA’s Federally inspected cattle slaughter for Wednesday was estimated at 119,000 head, with a weekly total at 339,000 head. That is down 10,000 head from the week prior and down 23,288 head from the same week last year.
Jun 25 Live Cattle are at $212.150, down $1.800,
Aug 25 Live Cattle are at $206.600, down $2.775,
Oct 25 Live Cattle are at $203.700, down $2.800,
May 25 Feeder Cattle are at $296.200, down $3.375
Aug 25 Feeder Cattle are at $297.300, down $4.675
Sep 25 Feeder Cattle are at $296.150, down $4.825
On the date of publication, Austin Schroeder 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.