Cattle Inch Higher As Supplies Tighten

Cash cattle prices were steady to slightly higher as supplies of market-ready cattle continue to decline. Analysts believe the fall low is in and stronger prices will prevail the balance of the year.

Fat steers
Fat steers
(CAB)

Cash cattle prices slowly move higher as supplies of market-ready cattle have continued to tighten. Cash cattle traded in the South this week at $124 in a moderate to active trade, steady with last week’s prices. Cattle in the North sold mostly at $124 with a few up to $125, and mostly $196 dressed, steady to $2 higher.

CME December cattle futures rose 67.5 cents to $130.975 per cwt., up 0.6% on the week for the second consecutive weekly gain and the highest settlement since $132.20 on Sept. 2. November feeder cattle fell 72.5 cents to $161.425, up 0.2% on the week.

Weekly estimated cattle slaughter was 646,000 head compared to 658,614 last year. Total slaughter for the year is estimated at 26.277 head, 3.2% higher.

Wholesale beef values continued to decline during the week. Friday’s Choice beef cutout closed at $280.23 per cwt., down $3.04 from the previous Friday. Select closed at $260.62 per cwt., down $2.12 per cwt. from last Friday.

Drovers_Logo_No-Tagline (1632x461)
Drovers_Logo_No-Tagline (1632x461)
Read Next
Three industry leaders share why the path out of drought isn’t simply restoring past head counts, but using data, strict replacement standards, and technology to build a resilient commercial herd.
Get News Daily
Get Market Alert
Get News & Markets App