Cattle Market Still Looking for Export Boost

Live cattle futures saw $1.15 to $1.775 gains in most contracts on Friday with August up 2.54% for the week. Cash trade in the South was $109-110, with sales up to $113.50 reported by USDA in NE. Feeder cattle futures were up $1.125 to $2.25 on Friday, with August up 1.44% on the week. The CME feeder cattle index was down $1.19 @ $133.21 on July 4. Wholesale boxed beef prices were lower on Friday afternoon. Choice boxes were down $1.58 at $217.67 with Select boxes 56 cents lower @ $194.80. USDA estimated weekly FI cattle slaughter at 573,000 head through Saturday. That was up 3,000 head from the same holiday shortened week last year. Census recorded 272.334 million lbs of beef exported to all destinations in May, which was just 0.2% below last years monthly record and 11.8% larger yr/yr. Shipments to South Korea were a May record 63.186 million lbs.

--provided by Brugler Marketing & Management

Market Commentary provided by:

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