Live cattle futures were pushing the pullback to Thursday, with contracts falling $2.77 to $3.82. Profit taking and technical pressure was takes part of the blame. Cash action kicked off on Thursday, with Southern sales of $218-220, steady, and $229 in the north. The Thursday morning Fed Cattle Exchange Online auction from Central Stockyards saw sales on 558 of the 1,304 head listed, with live action at $220-220.50 in the South and BidTheGrid™ sales at $222-225. Feeder cattle futures extended the losses to Thursday, with losses of $3.40 to $6.35 in most contracts. The CME Feeder Cattle Index was down 24 cents on May 14, with the average price at $302.17. 

Export Sales data showed a total of 14,599 MT of beef sold in the week ending on May 8, a 4-week high. South Korea was the top buyer of 4,500 MT, with 3,400 MT sold to Japan.  Shipments were at a 3-week low of 13,643 MT. The top destination was South Korea at 4,800 MT, with 3,900 MT to Japan. 

The Thursday PM National Wholesale Boxed Beef report was higher, with the Chc/Sel spread tightening to $10.72. Choice boxes were up 54 cents $349.90, while Select was quoted $3.33 higher at $338.82 per hundred pounds. USDA’s Federally inspected cattle slaughter for Thursday was estimated at 120,000 head, with a weekly total at 459,000 head. That is down 10,000 head from the week prior and down 26,449 head from the same week last year.

Jun 25 Live Cattle  closed at $211.175, down $2.775,

Aug 25 Live Cattle  closed at $205.850, down $3.525,

Oct 25 Live Cattle  closed at $202.675, down $3.825,

May 25 Feeder Cattle  closed at $296.175, down $3.400,

Aug 25 Feeder Cattle  closed at $295.825, down $6.150,

Sep 25 Feeder Cattle  closed at $294.625, down $6.350,