Live cattle futures are up another $3.02 to $4.30 at midday, as cash strength continues. Cash trade saw some $224-225 sales on Wednesday in the South, with bids coming in at $228 in the South and $235 in the North so far today. Feeder cattle futures are rallying on Thursday, with contracts up $4.17 to $4.92 at midday. The CME Feeder Cattle Index was up $2.04 on June 3 with an average price of $303.52. 

Export Sales data showed beef export business at just 8,978 MT during the week that ended on May 29, which was a 5-week low. South Korea was the buyer of 4,500 MT, with 2,800 MT sold to Japan. Actual shipments were tallied at 10,940 MT the lowest total for the calendar year. Japan was the top destination of 3,300 MT, with 2,900 MT headed to South Korea.

Monthly Census data converted to a carcass weight basis showed 237.2 million lbs of beef shipped in April, which would be a 5-year low and down 7.3% from March.

USDA’s National Wholesale Boxed Beef prices were mixed again in the Thursday AM report, widening the Chc/Sel spread to $11.57. Choice boxes were back up $2.39 at $367.55, while Select was quoted 74 cents lower at $355.98/cwt. USDA’s Federally inspected cattle slaughter for Wednesday was 121,000 head, with the week to date total at 357,000 head. That is down 7,466 head from the same week last year.

Jun 25 Live Cattle  are at $222.650, up $4.250,

Aug 25 Live Cattle  are at $216.650, up $4.300,

Oct 25 Live Cattle  are at $213.625, up $3.025,

Aug 25 Feeder Cattle  are at $308.800, up $4.925

Sep 25 Feeder Cattle  are at $307.700, up $4.550

Oct 25 Feeder Cattle  are at $305.450, up $4.175