Swelling beef demand is fueling a rally in wholesale beef prices that pulled negotiated cash cattle prices $3 to $5 per cwt. higher. The reopening of restaurant and foodservice establishments across America is driving beef demand to pre-pandemic levels and beyond, spiking wholesale beef prices $20 per cwt. higher this week, and more than $34 per cwt. higher over two weeks. April wholesale beef demand could be at 30-year highs.
Negotiated cash cattle traded at $120 to $122 in the South with a few up to $123, $3 to $4 higher. Cattle in the North traded mostly at $122 to $123, with a few up to $125, with dressed sales at $195 to $196. Prices were called $4 to $5 higher.
Friday’s Choice boxed beef cutout traded at $271.83 per cwt., up from the previous week’s $252.85 per cwt. Select boxed beef sold at $264.55 per cwt., up from last week’s $246.97 per cwt. The Choice/Select spread was $7.28 per cwt.
June cattle fell $2.45 on Friday to close at $122.575 and paring the weekly gain to just 2.5 cents after prices rose to a new contract high at $125.625. May feeders fell $1.975 to close at $149.625 on Friday bit still up 40 cents this week.
