Live cattle futures were mixed on Thursday, with most front contracts steady to lower. Feeder cattle futures posted gains of 85 cents to $2.05, as lower corn prices were supportive. The CME feeder cattle index rose $2.02 on July 12 to $150.74. Wholesale beef prices were again sharply lower in the Thursday afternoon report, with choice boxes down $2.84 at $209.85. Select was $1.47 lower, with an average of $197.26. Estimated week to date FI cattle slaughter was 475,000 head through Thursday, 27,000 above the same week last year. A few cash cattle sales @ $120 were reported for Thursday. Weekly beef export shipments of 11,680 MT were announced, 1.7% above last year but 21.5% below a week ago. Total beef export commitments YTD are 10.5% larger than last year at this time.

Market Commentary provided by:

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