Cattle Close off Highs

After triple digit gains at midday, front month cattle futures fell back to gains of $0.10 to $0.77 by the close. Feeder cattle futures also ceded some midday gains, but still closed 35 to 50 cents higher on the day. The CME Feeder Cattle index for July 8 was $133.69, up by $3.54. USDA reported some limited Thursday cash sales. Trades went $96 to $97 for live basis and $155 to $157 for dressed. The bulk of the sales reported by USDA is mostly near $95 so far. From USDA’s weekly Export Sales report, 9,486 MT of beef was sold on the week ending July 2. That was an 8-week low and 56% below the same week last year. Of the week’s sales, 10.5% were to China, but Japan and South Korea were the top purchasers. The week’s 15k MT shipped brought 2020 shipments to 396,923 MT. That is 0.33% above 2019’s total through July 4. Wholesale boxed beef prices were lower again on Thursday, widening the Chc/Sel spread to $8.76. Choice boxes were down 24 cents, and Select boxes dropped 69 cents. The week’s cattle slaughter is 474,000 head through Thursday. That trails last week by 10,000 head and is 2k head below the same week last year.

Aug 20 Cattle closed at $99.250, up $0.100,

Oct 20 Cattle closed at $103.925, up $0.425,

Dec 20 Cattle closed at $107.450, up $0.775,

Aug 20 Feeder Cattle closed at $134.525, up $0.475

Sep 20 Feeder Cattle closed at $136.175, up $0.500

Oct 20 Feeder Cattle closed at $137.125, up $0.350

--- provided by Brugler Marketing & Management

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