Feeder Cattle futures edged an average of 36¢ higher Thursday, supported by weaker Corn futures that were mostly 2¢ lower.
Live Cattle futures closed mixed, from an average of 27¢ lower to an average of 8¢ higher with pressure from the steady to lower cash trade.
Live prices were steady in the Texas Panhandle and $1 higher in Kansas at $141/cwt. They were $1 lower in Nebraska at $142-$144 with dressed prices mostly $2-$4 lower at $226. Trade and demand were moderate in both regions, according to the Agricultural Marketing Service.
Trade was slow on light to moderate demand in the western Corn Belt. There were a few live trades at $143, but too few to trend. Last week, live prices were $143-$145 and dressed prices were $228-$232.
Choice Boxed beef cutout value was $3.33 lower Thursday afternoon at $258.01/cwt. Select was $1.47 lower at $236.04/cwt.
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Major U.S. financial indices extended gains Thursday for the second consecutive session, but trade was volatile as investors wrestle with inflation wonderments in tandem with economic growth.
The Dow Jones Industrial Average closed 193 points higher. The S&P 500 closed 26 points higher. The NASDAQ was up 70 points.
West Texas Intermediate Crude Oil futures on the CME closed 84¢ to $1.60 higher through the front six contracts.
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U.S. beef exports topped $1 billion in July — for the sixth time this year — and posted the fifth-largest volume on record, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
July beef exports totaled 126,567 metric tons (mt), up 3% year-over-year. Export value increased 7% to $1.006 billion.
For the first seven months of the year, beef exports increased 6% from a year ago to 870,471 mt, valued at $7.2 billion (up 29%). Export value per head of fed slaughter is on a record pace at more than $475.00.
“Global demand for U.S. beef continues to be amazingly resilient, especially at the retail level,” said USMEF President and CEO Dan Halstrom. “Exports have also benefited from a partial rebound in the foodservice sector but this recovery is far from complete. Many markets are still gradually easing COVID restrictions, so we definitely see opportunities for further growth as restaurant traffic returns. Headwinds remain formidable, however, including further devaluation of key trading partner currencies.”
Japan was the pacesetter for July exports, but volumes also increased year over year to China/Hong Kong, the ASEAN region, Central America, the Caribbean and Colombia. July exports eased for South Korea and Taiwan, though both markets remain on a record pace in 2022.