A glance at current cattle markets
Cattle sank to the lowest level since January. Cattle futures for August delivery slipped 0.575¢, or 0.6%, to 88.05¢ a pound. The price earlier touched 87.975¢, the lowest for a most-active contract since Jan. 12. Feeder-cattle futures for August settlement declined 0.325¢, or 0.3%, to $1.0855/lb.
Wholesale Choice beef prices slumped recently, the longest slide since February 2009, according to the USDA. Beef sold for $1.6009/lb., the lowest level since March 22.
Livestock futures also fell on speculation that U.S. meat exports will shrink as the dollar rallies. The dollar fluctuated against a basket of six major currencies, after touching a 15-month high.
Packers “don’t want to ramp up the kill because there are big concerns going on about exports, with the rising dollar,” said Jason Golly, a vice president of risk-management marketing at Lynch Livestock Inc. in Waucoma, IA. “There’s uncertainty of what tomorrow is going to bring, so a long position is not the place to be.”
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