Cattle See Weakness on Thursday

Live cattle futures were down 50 to 75 cents in most nearby contracts on Thursday. Feeder cattle futures were down $1.15 to $1.35, ignoring losses in corn. The biannual Cattle Inventory will be released Friday afternoon. The dairy cow herd is expected to be smaller, with more debate about whether the beef cow herd is still expanding or contracting. The CME feeder cattle index was down $1.01 @ $140.00 on July 17. Wholesale boxed beef prices were higher on Thursday afternoon with Choice boxes up 77 cents per cwt and Select boxes 27 cents higher. USDA estimated week to date FI cattle slaughter at 481,000 head through Thursday. That was up 3,000 head from the previous week and 7,000 larger than the same week last year. A few cattle exchanged hands at $111 in the South on Wednesday, with $113-113.50 live and $182-185 dressed in the North as reported by USDA. Beef export sales in the week of July 11 totaled 19,792 MT for 2019, with weekly shipments at 17,959 MT.

AUG 19 Cattle closed at $107.400, down $0.725,

OCT 19 Cattle closed at $108.250, down $0.50,

DEC 19 Cattle closed at $112.800, down $0.55,

AUG 19 Feeder Cattle closed at $139.425, down $1.15,

SEP 19 Feeder Cattle closed at $139.475, down $1.30,

OCT 19 Feeder Cattle closed at $139.725, down $1.35,

--provided by Brugler Marketing & Management

Market Commentary provided by:

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