Live cattle futures were back up $1.30 to $1.75 on Thursday. Cash action started off with sales of $218-220 in the South, with northern action at $225-228 kicking up on Thursday. Feeder cattle futures led the charge, with a few contracts closing over the $300 level and up $2.65 to $3.05 on the day. The CME Feeder Cattle Index was back up $2.37 on May 7, with the average price at $295.78. 

The US announced a trade deal with the UK earlier on Thursday, with part of the deal including Britain agreeing to increase market access for US beef exports. 

Export Sales data showed a total of 7,642 MT of beef sold in the week ending on May 1, which was a calendar year low. Japan purchased 6,600 MT, with 1,900 MT sold to South Kora and 5,500 MT in net reductions reported for China. Shipments slipped back from the week prior to 15,122 MT. South Korea was destined for 5,200 MT, with 4,400 MT to Japan.

USDA’s National Wholesale Boxed Beef prices were mixed on Thursday afternoon, with the Chc/Sel spread at $14.69. Choice boxes were up $1.74 at $347.89, while Select was quoted 80 cents lower at $333.20 per hundred pounds. USDA’s Federally inspected cattle slaughter for Thursday was estimated at 120,000 head, with the week to date total at 469,000 head. That is 4,000 head above the week prior but down 14,248 head from the same week last year.

Jun 25 Live Cattle  closed at $214.250, up $1.725,

Aug 25 Live Cattle  closed at $210.000, up $1.625,

Oct 25 Live Cattle  closed at $207.475, up $1.300,

May 25 Feeder Cattle  closed at $297.475, up $3.025,

Aug 25 Feeder Cattle  closed at $301.250, up $2.650,

Sep 25 Feeder Cattle  closed at $300.225, up $2.900,