Cattle futures continued to unwind Thursday. Toward the close, Live Cattle futures were an average of $2.01 lower. Feeder Cattle futures were an average of $3.92 lower.
Negotiated cash fed cattle trade ranged from light on moderate demand in the western Corn Belt to limited on moderate demand in Nebraska and Kansas. Trade was mostly inactive on light to moderate demand in the Texas Panhandle.
Based on the last established trade, FOB live prices for the week are $4 lower in the Southern Plains at $224/cwt., mostly $7-$8 lower in Nebraska at mainly $218-$219 and $7-$12 in the western Corn Belt at mostly $215. Dressed delivered prices are $8-$10 lower in Nebraska at $340-$347 and mostly $8-$10 lower in the western Corn Belt at $340-$347.
Choice boxed beef cutout value was 5¢ higher Thursday afternoon at $371.28/cwt. Select was 63¢ higher at $354.18.
Grain and Soybean futures continued lower Thursday.
Toward the close and through Jly contracts, Corn futures mostly 3¢ to 4¢ lower. KC HRW Wheat futures were 8¢ to 9¢ lower. Soybean futures were mostly 9¢ to 13¢ lower.
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Major U.S. financial indices closed lower Thursday, pressured by tech stocks.
The Dow Jones Industrial Average closed 386 points lower. The S&P 500 closed 103 points lower. The NASDAQ was down 486 points.
Though mid-afternoon, West Texas Intermediate Crude Oil futures (CME) were 17¢ to 50¢ lowerthrough the front six contracts.
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Beef exports were sharply lower in August year over year ago, according to data recently released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
August beef exports totaled 83,388 metric tons (mt), down 19% from a year ago and the lowest since June 2020, impacted heavily by an impasse with China that has effectively locked U.S. beef out of the world’s largest import market.
Export value fell 18% to $695.5 million, the lowest since February 2021. While exports to China plummeted, shipments were fairly steady to leading market South Korea and trended higher than a year ago to the Caribbean and Central and South America.
Beef export value equated to $372.10 per head of fed slaughter in August, down 5% from a year ago. The January-August average was $400.16 per head, down 3.5% from the same period last year.