Feeders in Texas led the way last week, selling cattle at $120 they offered on Wednesday. Trade for all of the south occurred at $120, but still $1 above the week prior. The number of cattle traded in the south suggest that area packers were short on inventory.
The Feeders in the north held out longer than the south, but were still only able to garner $119-$120 live, and low $190’s for dressed cattle.
The deteriorating futures on the board at the end of last week could be an indicator of lower markets in the weeks to come. Hedgers should get aggressive now that the basis in some instances is favorable. These market shifts coupled with more cattle ready to market in the feedyards could push the markets lower as March quickly approaches.