Markets: Cash Lower for 6th Week, Futures Higher
Moderate trade volumes in the North at $168 live and $267 dressed were called $2 to $3 per cwt. lower live and $4 per cwt. lower dressed compared to the previous week. No trade had been established in the South Friday afternoon.
Feeder cattle traded mixed at $6 lower to $2 higher and calves $2 lower to $4 higher.
Wholesale beef prices moved higher. Choice boxed beef closed Friday at $291.64 per cwt., up $3.63 for the week. Select boxed beef closed Friday at $260.82 per cwt., up $2.92 for the week.
Weekly estimated cattle slaughter was 649,000 head, 27,000 head more than the same week last year. The year-to-date total was estimated at 31.11 million head, down 4.5% from last year.
February live cattle rose $1.425 on Friday to $169.35 and near the daily high. For the week, Feb. live cattle rose $3.625. January feeder cattle futures gained $1.55 on Friday to $220.90 and near the daily high. For the week, January feeders rose $5.60.
It was a good week for the cattle futures bulls, including the technically bullish weekly high closes in February live cattle and January feeders today. Analysts look for some follow-through technical buying next week, which would suggest the cattle markets have put in seasonal lows.
