Cattle Market Heads Into Options Expiration

Front month live cattle futures closed Thursday mostly lower with losses limited to 70 cents. August fats were 32 cents higher. August options expire today, with the 102 and 104 strikes the closest potentil "pins". Feeder cattle futures fell back by 52 to $1.32 in the front months. The August 5 CME Feeder Cattle index was $140.79, which was another 19 cents stronger. USDA reported limited cash sales activity in the WCB at $103 and $163 for live weight and dressed respectively. Cash sales were not reported in the South on Thursday, the bulk of activity the week so far has been near $100. Beef export sales with data from USDA’s weekly report were just 13,400 MT. That was down 55% wk/wk and 40% below the same week last year. Mexico purchased 1,700 MT of beef for delivery during 2021. The week’s shipments were 3.4% below the same week last year, with destinations primarily South Korea and Japan. Wholesale boxed beef prices were stronger in the PM update. Choice was up $1.09 to $204.66 cwt. And Select boxes were $192.01 after a $1.19 bump. The WTD cattle slaughter under federal inspection was estimated at 464,000 head through Thursday. That is down 10,000 wk/wk and 19,000 head from last year.

--- provided by Brugler Marketing & Management




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