Live cattle rounded out a weaker Thursday session, with contracts down $5 to $6.20. The Thursday Fed Cattle Exchange online auction showed no sales on the 1,602 head offered, with bids ranging from $235 to $236. Cash movement has been quiet this week.
Feeder cattle futures were down $6 to $7.50 in the front months during the Thursday session. The CME Feeder Cattle Index rose 59 cents to $375.16 on February 4.
Late on Wednesday, workers at the Greeley, CO JBS plant, which processes approximately 5,000 head per day, voted to authorize a strike. However, they did not provide specifics on the timeline for when the strike might begin.
USDA reported 19,748 metric tons (MT) of beef sold in the week ending January 29 — the largest volume so far this calendar year. South Korea was the largest buyer, purchasing 7,600 MT, followed by Japan with 6,300 MT.
Shipments were tallied at 12,992 MT, which was 3.32% above the previous week but down 34.53% from the same week last year. Of that total, 4,400 MT was shipped to South Korea, with 3,800 MT headed to Japan.
Wholesale boxed beef prices were lower in Thursday afternoon’s report. The Choice/Select spread stood at $6.88. Choice boxes fell 77 cents to $367.25, while Select boxes were down $1.72 at $360.37.
USDA reported federally inspected cattle slaughter at 114,000 head for Thursday, bringing the weekly total to 450,000 head. This is 14,000 head above last week but 23,336 head fewer than the same week last year.
Closing prices for live cattle and feeder cattle on Thursday were as follows:
– Feb 26 Live Cattle: $235.25, down $5.28
– Apr 26 Live Cattle: $235.60, down $6.20
– Jun 26 Live Cattle: $232.20, down $5.03
– Mar 26 Feeder Cattle: $364.08, down $6.00
– Apr 26 Feeder Cattle: $360.50, down $7.00
– May 26 Feeder Cattle: $356.20, down $7.55
On the date of publication, Austin Schroeder did not hold positions, either directly or indirectly, in any of the securities mentioned in this article. All information and data provided are for informational purposes only. For more details, please view the Barchart Disclosure Policy.
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