Cattle futures lost ground Thursday with pressure from lower cash fed cattle prices and softening wholesale beef values.
Before settlement, Live Cattle futures were an average of $1.13 lower. Feeder Cattle futures were an average of $1.89 lower.
Negotiated cash fed cattle trade ranged from moderate on moderate demand in the Texas Panhandle to limited or light on moderate demand elsewhere through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, FOB live prices are $2 lower in the Southern Plains at $186/cwt. in the Texas Panhandle and mostly $186-$193 in Kansas. FOB live prices are $3 lower in Nebraska at $193 and $1-$3 lower in the western Corn Belt at $193. Dressed delivered prices are $5 lower at $305.
Choice boxed beef cutout value was $1.73 lower Thursday afternoon at $312.12/cwt. Select was 80¢ lower at $298.03/cwt.
Grain and soybean futures were lower again Thursday with pressure from bullish production weather.
Heading into the close, through Jly ’25 contracts, Corn futures were 2¢ to 4¢ lower through Jly ’25. Kansas City Wheat futures were 3¢ to 5¢ lower. Soybean futures were 5¢ to 11¢ lower.
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Major U.S. financial indices closed sharply higher Thursday, as investors continued adjusting to the early-week selloff.
The Dow Jones Industrial Average closed 683 points higher. The S&P 500 closed 119 points higher. The NASDAQ was up 464 points.
Toward the close, West Texas Intermediate Crude Oil futures on the CME were 89¢ to 96¢ higher through the front six contracts.
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June exports of U.S. beef reached the highest value in nearly two years, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
Beef exports totaled 110,155 metric tons (mt) in June, down 4% from a year ago but the second largest of 2024. Export value reached $938.3 million, up 3% year-over-year and the highest since August 2022. Through the first half of the year, beef export value climbed 5% from a year ago to $5.22 billion, despite a 4% decline in volume (643,733 mt).
“June beef exports performed very well in Japan, which was great to see given the significant headwinds U.S. beef has faced there this year,” says USMEF President and CEO Dan Halstrom. “Export value also rebounded nicely in Korea and shipments to Taiwan and Canada were outstanding. This made for another strong month in terms of export value per head slaughtered, which was nearly $460 in June.”
U.S. beef export value equated to $459.21 per head of fed slaughter in June, up 13% from a year ago. The January-June average of $418.37 per head was 6% more than the first half of 2023.
June U.S. pork exports totaled 224,392 mt, down 9% from a year ago and the lowest since September, while export value fell 5% to $659.7 million. However, January-June volume was 3% more than the first half of 2023, while export value increased 5% to $4.26 billion.