Cash prices in the North surged higher on active trade volumes while the South posted modest gains on light to moderate volume. Trade in the North occurred at mostly $195 per cwt. to $196 per cwt., $5 to $6 higher than the previous week. Dressed sales were primarily at $306, $5 higher than the previous week. Cattle in the South sold at $186 with tops at $187, mostly $1 higher.
Feeder cattle and calves traded mixed, with feeders $2 lower to $2 higher and calves $4 lower to $2 higher. Market cows sold $2 lower to $4 higher.
Wholesale beef prices rose $2 to $3 for the week. Choice boxed beef closed Friday at $319.89 per cwt., up $3.14 for the week. Select boxed beef closed Friday at $303.81, up $2.67 for the week.
Estimated cattle slaughter for the week was 615,000 head, down 21,000 head compared to last year. The year-to-date total was estimated at 14.354 million head, down 4.4% from a year ago.
At the CME, August live cattle futures rose $3.675 to $183.175, near the session high and hit an 11-week high. For the week, August live cattle rose $6.00. August feeder cattle futures gained $4.50 to $261.975, nearer the daily high and on the week up $7.05.
Friday’s price surges in live and feeder cattle futures that produced technically bullish weekly high closes set the stage for follow-through speculator buying interest in cattle futures early next week. Cattle traders were surprised late this week when cash cattle prices traded solidly higher after many traders expected steady-at-best cash cattle trade for the week.
