Today’s Livestock Market Update

by Jennifer Stanton
DTN Reports:

Between a lack of pork demand and the disappointing announcement from China about beef imports from the JBS plant in Greely, Colorado, the livestock complex endured plenty of pressure throughout the day.

LIVE CATTLE:

Upon hearing that China has blocked beef shipments from JBS’s plant in Greely, Colorado because traces of ractopamine were found in some of the beef set to be shipped to China, the wind was sucked right out of the cattle complex’s sail. June live cattle closed $1.20 lower at $183.35, August live cattle closed $1.62 lower at $180.20 and October live cattle closed $1.95 lower at $182.45. Still no cash cattle trade has developed, but asking prices are noted in the South at $189 to $191. Some trade could begin to develop on Thursday, but it wouldn’t be surprising to see trade wait until Friday to really begin. Wednesday’s slaughter is estimated at 125,000 head — 3,000 head more than a week ago and 1,000 head less than a year ago.

Boxed beef prices closed mixed: choice up $1.50 ($313.62) and select down $0.95 ($302.48) with a movement of 140 loads (92.22 loads of choice, 23.10 loads of select, 7.31 loads of trim and 17.79 loads of ground beef).

THURSDAY’S CATTLE CALL:

Steady to $2.00 higher. Feedlot managers continue to possess the lion’s share of the market’s leverage as showlists are extremely current and if packers don’t offer the bids in which managers would like to see — they can afford to roll their showlists over to the next week and wait for prices to get better.

FEEDER CATTLE:

The feeder cattle complex reacted most drastically to JBS’s announcement, as the market gave back all the position it conquered through Tuesday’s trade. August feeders closed $4.35 lower at $260.25, September feeders closed $3.90 lower at $261.80 and October feeders closed $3.70 lower at $262.55. The market is currently hovering right at its 100-day moving average, which continues to be a threshold that signals whether or not traders are feeling bullish and optimistic about the market’s near future. The CME feeder cattle index 5/28/2024: up $0.05, $248.68.

Subscribe
Notify of
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Hari

What are cattle Packer margins currently?

1
0
Would love your thoughts, please comment.x
()
x