The reopening of restaurant and foodservice is driving beef demand to pre-pandemic levels and beyond, spiking wholesale beef prices $20 per cwt. higher this week, and more than $34 per cwt. higher over two weeks.

Demand for spring and summer grazing cattle remains high with prices reflecting good buyer competition. Agricultural Marketing Service reporters called last week’s prices for steers and heifers steady to $4 higher.

Cash cattle traded in light to moderate volumes last week, with the strongest prices in the North. Wholesale beef prices continued marching higher as demand continues strong.

Negotiated cash cattle slipped $1 to $2 lower last week, yet wholesale beef prices marched higher. USDA’s cattle on feed report found aggressive March placements.

Stocker and feeder cattle saw significant price reductions last week as grain markets continued marching higher in rapid fashion.

Last week only two days of harvest were considered cash trade. This lack of cash trade should give a clear indication that the corporate or “turn in” cattle are influencing the quick decline in the market.