Cash cattle prices found solid footing this week with the North posting solid gains and the South mostly steady. Trade in the North was called active at $184 to $186 per cwt. live and $294 per cwt. dressed, $1 to $3 higher live and $2 higher dressed. Trade in the South was called moderate to active at mostly $182 per cwt. and a few late week sales at $184 per cwt.
Feeder cattle sold mixed at $1 lower to $4 higher and calves $2 lower to $5 higher. Market cows also mixed from $3 lower to $2 higher.
Wholesale beef prices ended the week mixed with the Choice higher and Select lower. Choice boxed beef closed Friday at $297.14 per cwt., up $1.47 for the week. Select closed Friday at $288.72 per cwt., down $2.11 per cwt. for the week. Analysts are calling for a steady to higher trend as grilling season gets underway.
Estimated weekly cattle slaughter was 613,000 head, down 13,853 from the same week last year. Year-to-date slaughter was estimated at 10.151 million head, down 4.7% from last year.
At the CME, June live cattle futures rose 77 1/2 cents to $178.575, near mid-range and hit a nearly four-week high. For the week, June live cattle rose $2.90. May feeder cattle futures gained $2.45 to $248.70 and near the daily high. Prices hit a nearly four-week high today and for the week rose $6.70.
Today’s and this week’s good gains that included technically bullish weekly high closes on Friday suggest follow-through technical buying interest early next week. The cattle market bulls were supported this week by a keener “risk-on” trading mentality in the marketplace. Stronger cash cattle trade this week is also bullish for the futures markets.
