Though too few to trend, early live sales in the western Corn Belt so far this week are at $106.00-$108.50/cwt. with early dressed sales at $170. Prices in that region last week were at $108-$109 and $172-$174, respectively.
Although indications pointed toward lower cash fed cattle prices, Cattle futures firmed on Thursday as traders prepare for the end of the week and month.
Live Cattle futures closed an average of 64¢ higher.
Except for 15¢ lower in expiring spot Aug, Feeder Cattle futures closed an average of 79¢ higher.
Wholesale beef values were lower on light demand and offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 95¢ lower Thursday afternoon at $211.73/cwt. Select was $1.34 lower at $202.21.
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Major U.S. financial indices closed lower Thursday, reportedly pressured by concerns about looming U.S. tariffs on additional Chinese imports, as well as angst about whether Canada will join the recently announced trade pact between the U.S. and Mexico.
The Dow Jones Industrial Average closed 137 points lower. The S&P 500 closed 12 points lower. The NASDAQ was down 21 points.
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Although the latest monthly USDA Cold Storage report noted a 12% increase in year-over-year frozen beef supplies, David Anderson, Extension livestock economist at Texas A&M University points out most of the increase (89%) was boneless beef, versus beef cuts.
“It seems likely that the increase in boneless beef stored supplies is related to increases in cull cow slaughter and beef imports. The small growth in cuts would suggest that beef demand is keeping up with large beef supplies,” Anderson explains, in the latest issue of In the Cattle Markets.