Live cattle futures were sliding on Thursday with losses of $2.125 to $2.75. Cash trade has been quiet so far this week. The Thursday morning Fed Cattle Exchange online auction showed no sales on the 1,026 head offered, with bids of $232-235. Feeder cattle futures were under pressure, with contracts down $3.45 to $6.45 across the board. The CME Feeder Cattle Index was up $2.37 to $360.96 on March 18.
The Thursday update from APHIS showed a total of 1,194 active cases of new world screwworm in Mexico, with 34 active cases in the bordering state of Tamaulipas.
After last week’s multi year high in beef export sales, USDA reported just 3,207 MT in the week ending on 3/12, the lowest sales total for any week since October 2023. Japan was the largest buyer of 3,800 MT, with 1,600 MT sold to Hong Kong, as South Korea saw 3,600 MT in net reductions. Shipments were 13,571 MT in that week. South Korea was the top destination of 4,400 MT, with 4,100 MT to Japan.
Wholesale Boxed Beef prices were lower in the Thursday morning report, with the Chc/Sel spread at $6.74. Choice boxes were down $1.45 to $400.30, while Select was $3.72 lower to $392.45. USDA estimated federally inspected cattle slaughter for Thursday at 106,000 head, with the week to date total at 414,000 head. That is down 8,000 head from last week and 25,126 head below the same week last year.
Apr 26 Live Cattle closed at $233.275, down $2.125,
Jun 26 Live Cattle closed at $231.700, down $2.300,
Aug 26 Live Cattle closed at $229.100, down $2.500,
Mar 26 Feeder Cattle closed at $355.275, down $3.450,
Apr 26 Feeder Cattle closed at $347.750, down $6.075,
May 26 Feeder Cattle closed at $343.425, down $6.450,
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.
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