Cattle futures closed lower Thursday, pressured by lower cash fed cattle prices in the South and skittish outside markets.
Live Cattle futures closed an average of $1.64 lower. Feeder Cattle futures closed an average of $3.23 lower.
Negotiated cash fed cattle trade ranged from moderate on moderate demand in the Texas Panhandle to slow on light to moderate demand in Kansas through Thursday afternoon, according to the Agricultural Marketing Service. Live FOB prices were $181/cwt., which was $2 lower in the Texas Panhandle and $1-$2 lower in Kansas.
Elsewhere, trade was slow on light demand with too few transactions to trend.
Last week, FOB live prices were $184 in Nebraska and $183-$185 in the western Corn Belt. Dressed delivered prices were $288-$292.
Choice boxed beef cutout value was 9¢ lower Thursday afternoon, at $311.51/cwt. Select was $2.61 lower at $296.78.
Grain futures softened Thursday with likely farmer selling. Corn futures closed mostly fractionally lower to 2¢ lower. Kansas City Wheat futures closed 2¢ to 4¢ lower. Soybean futures closed mostly 1¢ to 2¢ higher.
******************************
Major U.S. financial indices closed mixed Thursday.
The Dow Jones Industrial Average closed 219 points lower. The S&P 500 closed 15 points lower. The NASDAQ was up 43 points.
At midafternoon, West Texas Intermediate Crude Oil futures on the CME closed from 5¢ lower to 22¢ higher through the front six contracts.
******************************
Exports of U.S. beef continued to build momentum in July, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
July beef exports totaled 110,419 metric tons (mt), up 7% from a year ago and the second largest of 2024. Export value climbed 12% to $910.9 million, also the second highest this year. July growth was fueled primarily by strengthening demand in Japan, Taiwan, Mexico and the Middle East and ASEAN regions.
For January through July, beef export value increased 6% from a year ago to $6.13 billion, despite a 2% decline in volume (754,152 mt).
“It is very gratifying to see demand for U.S. beef trending upward in Asian markets, with Japan and Taiwan leading the way and an outstanding showing in the ASEAN region,” says Dan Halstrom, USMEF President and CEO. “U.S. beef has weathered severe headwinds in Asia and especially in Japan, but the outlook for the remainder of the year is encouraging. July was also another impressive month for Mexico, which continues to display excellent demand for an expanding range of U.S. beef cuts and variety meats.”
Pork export volume was 10% more year over year in July. Pork export value was 13% higher at $710.5 million, fueled in part by a record $244.5 million for leading market Mexico.