In its weekly “U.S. Export Sales” report, the USDA showed that beef net sales rose slightly this week to 13,100 MT for 2013 — a 2 percent increase from last week’s report.
These sales were primarily for Japan (3,800 MT), Canada (3,300 MT), South Korea (1,700 MT), Hong Kong (1,600 MT), and Mexico (1,500 MT).
Exports of 15,000 MT--a marketing-year high--were up 29 percent from the previous week and 15 percent from the prior 4-week average.
The primary destinations were Japan (5,400 MT), Mexico (2,800 MT), Hong Kong (2,200 MT), Canada (2,100 MT), and South Korea (1,100 MT).
Ongoing hog and pork rally, as well as the recent U.S. dollar breakdown, boosted cattle futures earlier in the week but proved hard to sustain on Wednesday.
Overnight into Thursday cattle futures seemed to be trying find a bottom as the modest overnight gains despite generally negative sentiment concerning short-term price prospects.
August cattle inched up 0.17 cents lower at 119.70 cents/pound in early Thursday trading, while December was unchanged at 125.57.
August feeder cattle futures slid 0.22 cents to 145.70 cents/pound, while November skidded 0.27 cents to 151.25.
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