Nearly 900 cows are set to be euthanized by Spanish authorities fearing bluetongue after the cattle drifted for more than two months on the Mediterranean Sea while the owners searched for a buyer.
Auction markets noted firm demand and a stronger undertone last week for grazing cattle with spring now less than a month away. Auctions were in full-swing again after the previous week's winter storms.
Beef packers continued to maintain their strangle-hold on the market this week. Rising boxed beef cutout prices will pad packer profits – likely to exceed $400 per head.
Pilgrim's Pride, the nation's second-largest poultry processor, entered a guilty plea to federal charges of price-fixing and bid-rigging, the Department of Justice said on Tuesday.
Cattle feeding margins were little changed from the previous week with modest profits. Hog feeding margins were boosted for a third week with another advance in lean carcass prices.
Last week’s winter storm and brutally cold temperatures caused many auction markets to cancel sales. Those that were open saw stocker and feeder cattle prices higher.
Negotiated cash cattle prices traded higher in all regions while many feeder cattle auctions were cancelled due to winter snow and brutal cold temperatures. Cattle on Feed 1% higher on Feb 1 compared to last year.
Cattle feeding margins improved $60 per head the week ending Feb. 12 and hog margins reported profits for the second consecutive week as lean hog prices rallied.
