Cash fed cattle rallied $3 to $5 per cwt. for the week ending July 12, jumping from $109 in the pre-holiday week to $114 to $116 per cwt on Friday. Prices were highest in the north at $115 to $116. Cattle sold on a dressed basis at $184 to $185. Cattle in the south sold at $112 to $114. Cattle feeders have believed packers were needing cattle for several weeks, and that theory finally played out with gains across all regions.
The cattle rally was also found in feeder markets, with steers and heifers selling steady to $5 higher early in the week, then $3 to $10 higher late in the week. Agricultural Marketing Service reporters said, “demand was good to very good on moderate supplies. Market activity at special sales throughout the country was strong this week, especially after Tuesday’s rally on the CME Feeder Board and traders quickly and aggressively moved back into the market.
More than 300,000 feeder cattle were sold at two national video auctions this week, and while prices were softer compared with last year, with they were definitely stronger than in recent weeks.
The Choice beef cutout closed $4.87 lower at $212.80, with Select beef at $189.60, or $5.20 lower.
Cattle slaughter under federal inspection was estimated at 655,000, which is 82,000 more than last week.