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The cattle complex saw strong today with live cattle and feeder cattle both posting impressive gains.  At the close, the most actively traded October contract was .80 cents higher, settling at 181.30.  Feeder cattle were able to benefit from a weaker corn market, the most actively traded September contract finished the day $1.55 higher settling at 251.65 just 27 cents away from a new closing high. 

This morning’s weekly export sales report showed net sales of beef at 12,400 metric tons, this was down 42% from the previous week and 28% below the previous 4-week average.  South Korea was the primary buyer accounting for 3,900 metric tons, Close behind was Japan which accounted for 3,400 metric tons.

This morning’s wholesale boxed beef report was mixed with choice cuts 74 cents lower to 302.44 while select cuts were able to gain a dollar to 278.47.  Yesterday’s 5-area average price for live steers was reported at 185.15 and dressed steer prices came in at 294, steady with where we’ve been in recent weeks.  Yesterday’s daily slaughter was reported at 123,000 head, 3,000 head less than last week but just 2,000 head less than the same day last year.  That puts week to date slaughter at 371,000 head, that’s fairly inline with last week and the period last week.   

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