Packers aggressively sought inventory last week and cash fed cattle prices surged $2 per cwt., to instances of $3 higher for the week. Large trade volumes were reported in the North at $107 to $108 per cwt.

A fall rally in cash fed cattle markets has added $5 to $6 per cwt. over the past three weeks. Feeder cattle remain in moderate demand, but drought conditions across much of the Great Plains is affecting cattle markets.

Omaha-based Green Plains Inc., has sold its remaining 50% interest in Green Plains Cattle Co. LLC, which has a one-time capacity of 355,000 head in six feedlots across three states.

Cattle-Fax CEO Randy Blach shared his vision for beef industry growth during the Certified Angus Beef Feeding Quality Forum held virtually last month.

This week’s higher cash and futures prices have traders looking for additional gains next week. Packers gave up some leverage but their margins remain excellent.

Large volumes of cattle traded in all regions at $2 higher prices ahead of Friday’s cattle on feed report which counted 4% more inventory than last September.