Fed Cattle Steady, Feeders Lower
Feedyards accepted steady money at $111 per cwt. for the fifth week in a row. The dressed trade in the North was at $173 to $174 per cwt., also steady with last week. Agricultural Marketing Service reporters noted that fed cattle prices normally have upside potential this time of year, “however, muddy pen conditions in all major feeding regions have left many fed cattle owners willing sellers at steady money.”
Auction prices for steers and heifers were quoted at $1 to $5 per cwt. lower, except for the North Central area where prices were weak to $2 higher, according to the AMS reporters. Demand was called “mostly moderate to good nationwide.” Much of the auction activity was impacted by heavy rain in several regions, with Missouri receiving 8 to 10 inches. Poor travel conditions were also noted in Nebraska and South Dakota, and limited receipts from the Carolinas and Florida due to Hurricane Michael.
The Choice beef cutout closed Friday at $202.71, down $0.54 for the week. The Select cutout closed at $192.28, up $0.54. The Choice/Select spread was $10.43.
