Cattle Market Gaining on Thursday

Thursday trading sees 40 cent to $1.02 gains in the front month futures with Dec ’21 up the most so far. Feeder contracts are trading up by 67 to 85 cents. Reports indicated moderate cash activity at $117 on Wednesday afternoon in all feeding regions and some $180 sales in NE on Thursday. Beef sales from USDA’s Export Sales report were a 6-wk high of 12,287 MT. The report also showed that 9,579 MT of beef was shipped on the week ending 05/28. That was down 15% wk/wk and 46% below the same week last year, but 2020 exports are still 7% ahead of last year’s pace. Census data showed that 235m lbs of beef was shipped in April. That was down 12% from March and 4% below April 19. 2020 exports through April were on a record setting pace with 1b lbs shipped at that point. Wholesale boxed beef prices continue pushing lower. Choice boxes were down $19 flat to $276.90 cwt., and Select boxes were down by $11.82 cwt. The Chc/Sel spread narrowed to $11.94. USDA estimated FI cattle slaughter for the week through Wednesday at 340,000 head. WTD slaughter is still running 20k head behind last year’s pace.

Jun 20 Cattle are at $95.850, up $0.400,

Aug 20 Cattle are at $98.025, up $0.675,

Oct 20 Cattle are at $100.875, up $0.900,

Aug 20 Feeder Cattle are at $135.075, up $0.850

Sep 20 Feeder Cattle are at $136.650, up $0.875

Oct 20 Feeder Cattle are at $137.325, up $0.750

--- provided by Brugler Marketing & Management

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