Negotiated cash fed cattle trade remained undeveloped through Thursday afternoon, which helped encourage Cattle futures to wobble along in sideways fashion.
Except for unchanged in near Oct and 60¢ lower at the back of the board, Live Cattle futures closed narrowly mixed (22¢ lower to 22¢ higher).
Except for unchanged in spot Aug, Feeder Cattle futures closed narrowly mixed (32¢ lower to 20¢ higher).
Wholesale beef values were steady to weak on moderate demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was 31¢ lower Thursday afternoon at $204.39/cwt. Select was 17¢ lower at $196.92.
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Major U.S. financial indices settled lower Thursday, pressured by bank stocks.
The Dow Jones Industrial average closed 134 points lower. The S&P 500 closed 11 points lower. The NASDAQ was down 29 points.
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Commercial red meat production so far this year is 4% more than the same period a year ago at 26.3 billion lbs., according to the latest Livestock Slaughter report from USDA.
Accumulated beef production for January through June was 4% more than last year at 13.19 billion lbs. In June, beef production of 2.30 billion lbs. was 1% more than the previous year. Cattle slaughter for the month of 2.88 million head was also 1% more than the previous year. The average live weight was unchanged from the previous year, at 1,321 lbs.
Pork production in June totaled 2.01 billion lbs., 2% less than the previous year. That was with hog slaughter of 9.61 million head, down 3% from June last year. The average live weight was 1 lb. more than the previous year at 280 lbs.
For January through June, pork production was 3% more than last year.