Cattle Rally In Progress, Calf Markets Uneven
Cattle feeders seek to add another $2 to $5 to cash prices this week after last week’s solid rally. Feeders are seeing momentum with prices reaching their highest since spring 2019.
Last week’s 5-area steer price average was $129.23 per cwt., the highest average price since February 2018 when the top for the year was $129.75.
The fall calf run saw uneven prices at auction last week, with steers and heifers from $2 lower to $1 higher, according to Agricultural Marketing Service Reporters.
“Demand was moderate to good, with yearlings having the best demand again,” AMS reporters said. “This time of year is always a struggle to hold calf prices up as there are so many of them in the marketplace.”
Monday saw December live cattle futures rise 30 cents to $132.10, the contract’s highest closing price since $132.20 on Sept. 2 and the highest settlement for a nearby contract since June 2017. January feeder cattle firmed 70 cents to $160.30, a two-week high close.
December live cattle extended last week’s gains behind strong cash fundamentals. Live steers in five top feedlot areas averaged $129.23 last week, the fifth consecutive weekly increase.
