Auction prices for feeder cattle and calves posted gains of $1 to $6 per cwt. higher this week. Agricultural Marketing Service reporters called steers $1 to $6 higher, with heifers steady to $3 higher nationwide.
“Feeder supply was moderate at locations that had sales this week,” AMS said. “The fall run will be upon us shortly and most all auctions will go to weekly sales in the coming months.” This week ranchers were “welcomed with open arms and the full strength of the market.”
Cash fed cattle traded at $110 to $111 early in the week, with dressed prices at $174 to $175, steady with the previous week.
Friday’s cattle on feed report was viewed as bearish, with the on feed total at 106% of last year, placements at 107%, and marketings at 100%. The on feed number of 11.125 million head is the largest September 1 total since the data series began in 1996.
Friday’s Choice beef cutout closed at $204.80, with Select at $194.71. The Choice/Select spread was $10.09.