Cattle futures tumbled farther off the contract highs hit earlier in the week on Thursday.
Profit taking, as well as comments from Tyson Foods CEO Donnie King that cattle herds were “very close” to a rebuild at a conference on Wednesday, caused August live cattle futures to fall and that pressure continued on Thursday.
The United States Department of Agriculture reported 14,599 tonnes of beef were sold for export during the week ended May 8, a four-week high. However, shipments were at a three-week low at 13,643 tonnes.
The August live cattle contract dropped US$3.525 per hundredweight at US$205.850, its lowest close since May 1. The August feeder cattle contract lost US$6.150/cwt. at US$295.825, also a low for the month of May.
The USDA reported higher wholesale boxed beef prices on Thursday afternoon, with choice boxes up $0.54 at $354.90 per cwt and select boxes gaining $3.33 at $339.18.
June lean hogs were up 1.850 of a cent/lb. at 100.700, its highest close since April 28.
