Beef prices near record highs could be dampening consumer demand, which typically slows after the upcoming Independence Day holiday . Most retailers have already stocked up on the MEAT they need for Independence Day, the ultimate barbecue holiday. “Retailers are definitely not stocking up for a lot of demand,” said Matthew Wiegand, a broker at FuturesOne.
Live cattle futures rose Friday, closing higher between $3.05 and $4.10 ahead of the weekend. Cash markets last week saw cattle sell at $230-$233 in the north and $223-$225 in the south. The Central Stockyards Fed Cattle Exchange auction on Friday saw cattle sell at $224-$225, while BidTheGrid™ sold at $225 and $230. Feeder cattle futures moved into the running phase Friday, closing at $4.30-$4.60. The August contract had gained $5.45 last week. The CME Feeder Cattle Index rose 58 cents to $311.97.
On Friday, union workers at Tyson's 5,500-head-capacity Texas plant sanctioned a strike, shutting down the plant and putting further pressure on the market.
WEEKLY COST OF CUT OUT CAT.CHOICE
CATTLE SALES
Sale of cattle, heads
Average weight
Week 25
Week 26
Growth per week,%
Week 25
Week 26
Growth per week,%
Bulls (live weight)
11 405
8 414
-26.2%
1,490
1,473
-1.1%
Heifers (live weight)
4 040
2 351
-41.8%
1 355
1 321
-2.5%
Bulls (slaughter weight)
10 988
4 675
-57.5%
983
965
-1.8%
Heifers (slaughter weight)
2 780
943
-66.1%
869
877
0.9%
WEEKLY WEIGHTED AVERAGE BULL PRICE
BEEF PRODUCTION
Indicator
Week 26
Previous week
A year ago
Growth per week,%
Growth per year, %
Volume of cattle slaughter
560,000
560,000
610,000
0.0%
-8.2%
Live weight
1 415
1 419
1 378
-0.3%
2.7%
Slaughter weight
865
868
841
-0.3%
2.9%
Beef Production (million pounds)
484.0
485,0
512.0
-0.2%
-5.5%
WEEKLY CHOICE/SELECT PRICE SHOULDER
CME: Live Cattle Futures
Week 25
Week 26
Growth per week,%
June
223.03
224.50
0.7%
August
209.83
213.30
1.7%
October
207.35
209.82
1.2%
CME: Feeder Cattle Futures
August
302.45
307.90
1.8%
September
302.23
307.90
1.9%
October
300.35
305.25
1.6%
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