Cattle Rally Continuing on Thursday
Live cattle futures are trading with contracts $1.52 to $1.90 higher across the nearbys at midday. There were no deliveries issued for August live cattle on Wednesday. Cash trade has been quiet this week outside of the $237 in Wednesday’s FCE. Feeder cattle futures are continuing to push higher on Thursday, as contracts are $1.72 to $4.25 higher and extending to new highs. The CME Feeder Cattle Index was up 18 cents to $336.21 on August 5.
Beef Export Sales data showed a total of 15,921 MT in sales during the week of 7/31, nearly double the previous week. Shipments were 14,049 MT, a 4-week high.
USDA Wholesale Boxed Beef prices continue to see buying ahead of the Labor Day run later this month, with the Chc/Sel spread at $24.73. Choice boxes were up $3.41 at $378.27, while Select was $2.18 higher to $353.54. USDA estimated cattle slaughter for Wednesday at 116,000 head, with the weekly total at 332,000 head. That was down 1,000 head from last week and 28,722 head lower vs. the same week in 2024.
Aug 25 Live Cattle are at $237.825, up $1.525,
Oct 25 Live Cattle are at $231.275, up $1.625,
Dec 25 Live Cattle are at $232.625, up $1.900,
Aug 25 Feeder Cattle are at $346.750, up $1.725
Sep 25 Feeder Cattle are at $347.625, up $3.400
Oct 25 Feeder Cattle are at $346.525, up $4.125
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.