Negotiated cash fed cattle trade remained undeveloped through late Thursday afternoon. There was some light trade on light to moderate demand in the western Corn Belt. Though too few transactions to trend, early live sales were $1 higher than last week’s low price in the region at $107.00-$108.50/cwt. Early dressed sales were steady to $2 higher at $170.
Limited trade and pressure on wholesale beef values helped hold Cattle futures in check Thursday, narrowly mixed and range-bound.
Other than 15¢ and 2¢ lower in the front two contracts, Live Cattle futures closed unchanged to 20¢ higher.
Other than unchanged and 5¢ higher in the front two contracts, Feeder Cattle futures closed 15¢ to 32¢ lower.
Wholesale beef values were weak to lower on light demand and moderate to heavy offerings, according to the Agricultural Marketing Service.
Choice boxed beef cutout value was $1.65 lower Thursday afternoon at $208.75/cwt. Select was $3.08 lower at $197.83.
*******************************
Major U.S. financial indices closed mixed again Thursday, mirroring the previous session. Tech stocks applied pressure, as did another day of lower crude oil prices.
The Dow Jones Industrial Average closed 20 points higher. The S&P 500 closed 10 points lower. The NASDAQ was down 72 points.
*******************************
U.S. beef exports posted another near-record month in July, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
U.S. beef exports in July climbed 12% in volume compared to the previous year at 116,575 metric tons (mt). Value for July was 16% more than the previous year at $722 million, just slightly below the May 2018 record of $722.1 million. For January through July, beef exports established a record pace in both volume (10% more year over year at 779,450 mt) and value, which was 20% more than the same period year ago at $4.76 billion.
Beef export value in July averaged $326.18 per head of fed slaughter, up 9% from a year ago. Through July this year, per-head export value was up 16% to $318.31.
“The worldwide momentum for U.S. beef has rarely been as strong as it is today,” says Dan Halstrom, USMEF president and CEO. “To a large degree our mainstay Asian markets are driving this growth, but emerging markets in Asia and in the Western Hemisphere are also displaying a tremendous appetite for U.S. beef and contributing significantly to the surge in export value. From high-end restaurants to convenience stores, U.S. beef is gaining new fans across the globe on a daily basis.”
Beef exports in July accounted for 14% of total beef production. For January through July, exports accounted for 13.5% of total beef production, up from 12.8% last year.
By way of comparison, July U.S. pork exports were 1.5% more than the previous year for volume but 5% less for value at $465.3 million. Retaliatory duties imposed by Mexico and China are behind the decline.