Negotiated cash fed cattle trade ranged from limited on light demand in the western Corn Belt to light to moderate on moderate demand in the Southern Plains through Thursday afternoon, according to the Agricultural Marketing Service.
So far this week, live prices are $1 higher in the Southern Plains at $143/cwt. and $1-$2 higher in Nebraska at $146-$147. Dressed prices are $2 higher at $230. Live prices in the western Corn Belt last week were $145.
Despite stronger cash prices, Cattle futures faded a bit.
Feeder Cattle futures closed an average of 37¢ lower (17¢ to 82¢ lower) except for an average of 25¢ higher in the back two contracts.
Live Cattle futures closed an average of 10¢ lower except for unchanged in one contract and 65¢ higher in spot Oct.
Choice Boxed beef cutout value was 30¢ higher Thursday afternoon at $247.36/cwt. Select was $2.23 lower at $216.99/cwt.
Grain futures weakened Thursday, pressured by slowing exports impeded by the strength of the U.S. Dollar.
Corn futures closed 6¢ to 8¢ lower through Jly ‘23 and then mostly 1¢ lower to 3¢ higher.
Soybean futures closed 7¢ to 11¢ lower through Jly ‘23 and then mostly 1¢ to 2¢ lower.
Major U.S. financial indices softened Thursday with jitters ahead of Friday’s national employment summary.
The Dow Jones Industrial Average closed 346 points lower. The S&P 500 closed 38 points lower. The NASDAQ was down 75 points.
West Texas Intermediate Crude Oil futures (CME) closed 69¢ to $1.04 higher though the first six contracts.
U.S. beef export value topped $1 billion in August for the seventh time this year, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
August beef exports totaled 133,832 mt, up 1% year-over-year and the second largest volume on record – trailing only May 2022. Export value was just under $1.04 billion, slightly below the then-record total achieved in August 2021, which was the first time monthly exports topped the $1 billion mark.
“We speak often about the importance of developing a wide range of markets for U.S. red meat, and the August export results are a great illustration of that,” says USMEF President and CEO Dan Halstrom. “Exports face significant headwinds in some key destinations, with weakened currencies topping the list. But the emphasis on broad-based growth really pays dividends in these situations, allowing the overall export picture to remain very positive. I also cannot say enough about the loyalty of our international customers, many of whom have diminished purchasing power but continue to show a strong preference for U.S. red meat.”
For the first eight months of 2022, beef exports increased 5% from a year ago to 1.004 million mt, valued at $8.23 billion – a remarkable 24% above last year’s record pace. August beef export value equated to $437.98 per head of fed slaughter, down 7% from a year ago, but the January-August average was up 23% to $471.18.