Cash fed cattle prices posted their best week of the new year with solid gains in all regions. Cattle in the South sold at $178 to$179 per cwt. live in a moderate trade, $3 to $5 per cwt. higher than last week. Cattle in the North traded at $176 per cwt. live and $280 per cwt. dressed, steady live and $3 to $5 higher dressed. Cash cattle are now $8 to $9 per cwt. off the winter lows.
Feeder cattle traded mainly $2 to $10 per cwt. higher, with calves selling $5 to $10 per cwt. higher and instances of larger advances.
Wholesale beef prices finished the week significantly lower. Choice boxed beef closed Friday at $293.08 per cwt., down $7.45 for the week. Select boxed beef closed Friday at $283.47 per cwt., down $5.66 per cwt. The softer trend is expected for the near term.
At the CME, April live cattle futures rose 57 1/2 cents on Friday to $183.75, closing near mid-range, reaching a nearly three-month high and gaining $2.075 for the week. March feeder cattle futures lost 7 1/2 cents to $244.80, nearer the session low after hitting a 3.5-month high early on. For the week, March feeders rose $5.10.
The bullish weekly high close in April live cattle futures sets the stage for some follow-through technical buying interest from the speculators early next week. Solid cash market fundamentals should continue to support buying interest in futures.
