Cash fed cattle trade was more active than in recent weeks, and prices were steady to slightly stronger. Cattle in the North sold from $119 to $121 live, with most at $120. Cattle traded on a dressed basis at $190 to $190, steady. In the South, moderate volumes sold from $119 to $120, steady compared to last week.
Feeder cattle were called steady to $4 higher on the week.
Wholesale beef prices may have peaked with Choice boxed beef at $337.77 on Friday, down $2.30 per cwt. from last week. Select traded on Friday at $305.51 per cwt., down $2.76 from last week.
August CME live cattle futures closed the day up $1.475 at $120.025 and for the week gained $1.95. August feeder cattle futures closed up $2.775 at $151.175 and for the week rose $1.25.
Strong finishes in the live and feeder cattle futures markets this week that saw technically bullish weekly high closes set the table for follow-through buying strength early next week. However, gains in futures could be limited Monday by a weaker showing in the beef market Friday. A continued decline in boxed beef cutout values next week may portend a seasonal top in the beef market.
