Cattle feeders in the South saw the market begin to climb higher after being lower due to shortened holiday running hours. With packers needing more cattle, and a little help from the board, feeders in the South traded cattle at $138. This was somewhat disappointing compared the North, but at least the market was moving in the right direction.
Feeders in the North did an excellent job of recognizing their situation and make the most of it. Cattle numbers were somewhat limited in the North, and packers seem to still be chasing grade. These two factors helped feeders push the cash market to $140 mostly with a few trading on both sides of that number. Dressed cattle also traded higher with most cattle bringing in the low $220’s.
This week should bring continued strength in the cattle market. Packers bought limited numbers in the South and should have a bigger need to replenish inventory. The North will probably see a continued rally in their market, too.
