Cash fed cattle prices traded sharply higher on Wednesday at $116 per cwt., with a few at $117, fully $2 to $3 higher than the previous week. Cattle sold on a dressed basis at $180 to $183 per cwt.
Feeder cattle and calf prices were not fully tested during the Thanksgiving holiday week, but a few markets were open early in the week with trading at steady prices.
USDA’s monthly cattle on feed report was released on Wednesday with the on feed number at 11.7 million head, 3% higher than the same month a year ago. Placements during October totaled 2.25 million, 6% below last year. Marketings totaled 1.89 million head, 5% higher than thee 2017 number. Traders are calling the November on feed numbers bullish for futures prices.