Northern cash cattle traders found solid weekly gains in an active market this week, while cattle in the South sold steady to $1 higher.
Northern cattle traded at $125 to $129 live and dressed sales of $200 to $205 per cwt., $2 to $5 higher on the week. Southern trade was called light at $121 to $122.
Feeder cattle were called steady to $3 higher.
Weekly cattle slaughter was estimated at 665,000 head compared to 650,618 last year. Total year to date was 21.118 million head, 4.2% higher than last year
USDA’s cattle on feed report released Friday found an inventory of 11.1 million head on August 1, 2021, down 2% compared to last year. July placements totaled 1.74 million head, down 8% from 2021. Marketings of fed cattle during July totaled 1.90 million head, 5% below 2020.
Live cattle futures were mostly higher Friday, with nearby contracts rising in response to strong cash news, while concerns about a seasonal wholesale market top appeared to depress some deferred contracts. Most-active October gained $0.90 to $129.05. Meanwhile, September feeder futures led the yearling market higher as the grain markets followed through to the downside, leaping $2.60 to $165.50.
Wholesale beef prices continued higher. Choice boxed beef closed Friday at $345.06 per cwt., a gain of $24.83 for the week. Select closed Friday at $318.53 per cwt., $26.10 higher.
