Bullish trends in CME futures last week gave cattle feeders leverage to seek higher bids as last week progressed. Packers continue to lose leverage as the fall rally progresses.
Cattle feeders refused some early bids last week and were rewarded with higher prices in all areas, resulting in another opportunity to clean up show lists.
Cattle feeders held out for higher money last week and the result was the highest cash prices in seven years. The week’s harvest of 673,000 head was the third largest of the year.
