•August: day 4 of a buy signal. December: day 30 of a buy signal.
•Aug. feeders: day 4 of a buy signal.
•Cattle trends are positive.
•Cattle hitting overbought levels.
•Cash trade $122-123/cwt in the south. Dressed trade in the north $193-197/cwt.
•Packer margins $790/head
•Cash is moving up counter seasonal which is bullish (longterm?)
•Boxed beef continues to top out.
•Fed Cattle Exchange listed 6,049 head, 889 sold, $119-122/cwt.
•A drop off in weights and ideas that beef demand can stay strong, stronger that seasonally expected.
•Beef: Net sales of 12,800 MT reported for 2021 were down 20 percent from the previous week and 36 percent from the prior 4-week average. Increases primarily for Japan (4,400 MT, including decreases of 600 MT), China (3,600 MT, including decreases of 100 MT), South Korea (1,700 MT, including decreases of 500 MT), Taiwan (1,200 MT, including decreases of 200 MT), and Canada (600 MT, including decreases of 200 MT), were offset by reductions for Turks and Caicos Islands (100 MT).
Exports of 17,800 MT were down 16 percent from the previous week and 2 percent from the prior 4-week average.
The destinations were primarily to Japan (5,300 MT), South Korea (4,900 MT), China (3,000 MT), Taiwan (1,300 MT), and Mexico (1,000 MT).
•Slaughter 120,000, 120,000 wk ago, 119,000 yr ago.
•Feeder Cattle Index: $140.22 vs $139.61 prior.
•Boxed beef: Choice down 5.26/cwt to $329.17, Select down 8.32/cwt to $289.96, C/S spread $39.21, 141 loads