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Headlines
- Cattle Futures Decline: Live cattle futures experienced a downturn, with front-month contracts dropping $1.90 to $2.07 last Friday. Feeder cattle futures also saw losses, ranging from $2.85 to $3.65.
- Export Sales Data: August 29 week bookings totaled 16,529 MT, with Japan being the largest buyer. Shipments reached a four-week high, highlighting robust international demand.
- USDA Reports: Boxed Beef prices decreased, with Choice boxes falling $2.10 to $309.41. Last week’s cattle slaughter was notably lower due to the holiday, totaling 542,000 head.
Live cattle futures faced notable declines on Friday, with contracts slipping between $1.90 and $2.07 across the front months. The cash trade showed a slow pace last week, with the South starting at $181, marking a $2 decrease over the week. Northern sales were also subdued, with prices reported between $180 and $183 by the USDA. Feeder cattle futures mirrored this trend, with losses ranging from $2.85 to $3.65 as the week concluded, impacting financial stocks. On September 5, the CME Feeder Cattle Index increased by 91 cents, reaching $242.18.
Export Sales data for the week of August 29 revealed bookings of 16,529 MT, a decline from the previous week. Japan emerged as the largest purchaser with 7,700 MT, followed by Taiwan with 2,100 MT. Shipments totaled 14,905 MT for the week, marking a four-week high. Japan received 3,600 MT, while South Korea saw 3,200 MT.
CFTC data indicated that managed money in live cattle increased their net long position by 44 contracts, reaching 38,058 contracts as of September 3. In feeder cattle, they reduced their net short position by 1,972 contracts, leaving just 556 contracts as of Tuesday.
USDA's Friday PM report showed lower wholesale Boxed Beef prices. Choice boxes decreased by $2.10 to $309.41, and Select boxes were 66 cents lower at $296.12. The Chc/Select spread narrowed to $13.29. USDA estimated last week’s federally inspected cattle slaughter at 542,000 head, significantly lower due to the holiday and 16,921 head fewer than the same week last year.
