Cattle futures tried to gain early in Monday’s session but ran out of steam to close lower in what turned out to be a risk-off day in ag commodities, perhaps with some positioning at the beginning of the Goldman Roll.
Before settlement, Live Cattle futures were an average of $1.34 lower. Feeder Cattle futures were an average of $2.01 lower.
Negotiated cash fed cattle trade ranged from inactive on very light demand to a standstill through Monday afternoon, according to the Agricultural Marketing Service.
Last week, FOB live prices were steady in the Texas Panhandle at $190/cwt. and steady to $3 higher in Kansas at $190-$193.
The previous week, FOB live prices were $198 in Nebraska and $198-$200 in the western Corn Belt. Dressed delivered prices were $314 in Nebraska and $312-$315 in the western Corn Belt.
Choice boxed beef cutout value was 4¢ higher Monday afternoon at $330.47/cwt. Select was 34¢ lower at $304.72/cwt.
Grain and Soybean futures lost ground Monday, with added pressure from more moisture in the forecast. Toward the close and through Jly ’25 contracts, Corn futures were 12¢ to 17¢ lower. Kansas City Wheat futures were 14¢ to 21¢ lower. Soybean futures were 15¢ to 30¢ lower.
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Major U.S. financial indices closed little changed Monday as investors await key inflation data this week.
The Dow Jones Industrial Average closed 31 points lower. The S&P 500 closed 5 points higher. The NASDAQ was up 50 points.
Heading into the close, West Texas Intermediate Crude Oil futures on the CME closed 56¢ to 94¢ lower through the front six contracts.
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U.S. beef export value topped $900 million in May, which was 3% more year over year and the most since June 2023, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). U.S. beef export value equated to $410.94 per head of fed slaughter in May, up 3% from a year ago.
In terms of volume, May beef exports totaled 110,133 metric tons (mt), down 5% from a year ago but the second largest of 2024.
Exports trended higher year-over-year to Japan, Mexico, the ASEAN Region, the Middle East, the Caribbean and Central America – which included a record month for Guatemala. May export value was also higher for Taiwan.
For January through May, beef exports followed a similar trend, increasing 5% year-over-year in value to $4.29 billion, despite a 4% decline in volume (533,578 mt). January-May U.S. beef export value equated to $410.40 per head of fed slaughter, which was 5% more than the same period last year.
“It has been encouraging to see demand stabilize in Japan, where U.S. beef certainly faces significant headwinds,” says USMEF President and CEO Dan Halstrom. “The tourism boom has provided a much-needed lift for Japan’s foodservice sector, and it is a source of optimism for buyers and importers. Taiwan and the ASEAN region were also bright spots for U.S. beef in May, along with Western Hemisphere markets such as Mexico, Guatemala and the Caribbean.”
May pork exports totaled 251,447 mt, down 4% from a year ago, valued at $715.8 million (down 2%).