AgResource Daily Cattle Analysis: Cattle and feeder cattle futures were lower on Thursday, and a weaker outlook is offered for early trade today. Live cattle were under pressure as the outlook for the week’s cash trade turned down, while losses in feeder cattle were larger as the corn market gained.
Cash sales on Thursday were lower in all regions. Live trade in the south was down $2 for the week at $181, or the lowest sales price since February. Dressed trade in the north was down $2 at $288.
The September International Trade report showed July beef exports were down 2% from June but were 8% more than a year ago at 258 Mil Lbs. This puts cumulative exports for 2024 at a 4-year low of 1,772 Mil Lbs, but down just 3% from a year ago. July imports were up 18% from June and were 27% more than a year ago at 403 Mil Lbs. It was the largest import total since January and the 2nd largest monthly figure on record.
Brazilian beef imports were 42 Mil Lbs larger than last year, Australian imports were up 29 Mil Lbs, and imports from Uruguay were 22 Mil Lbs larger.
The seasonal outlook for the cash market is bearish for the next 6 weeks, while long-term support for nearby futures is at $173-174.
