Packers continued to nibble around the edges this week but cattle feeders have mostly held firm. Despite their reluctance, packers know they’re being squeezed by tighter supplies and slimming margins and they’ll have to continue to pay up.
A few cattle were purchased in the North at $253 to $254 per cwt., a jump of $3 to $4 higher. A few cattle sold in the North carrying mud and were discounted to $157 to $159. Light trade in the South at $160 to $161 per cwt., $1 to $2 higher.
Feeder cattle traded mixed, mostly $1 to $5 higher. Calves sold $2 to $6 higher.
Nearby February live cattle futures gained 37.5 cents Friday to $161.20 Friday, while most-active April advanced 32.5 cents to $163.95. That marked a 17.5-cent weekly decline. In contrast, March feeder futures slid 42.5 cents to $186.40, with the closing quote representing a weekly rise of 30 cents.
Wholesale beef prices were generally higher compared to the previous week. Choice boxed beef closed Friday at $269.66 per cwt., up $4.92 for the week. Select boxed beef sold at $254.29 per cwt., up $2.68 per cwt.
Estimated cattle slaughter was 630,000 head, down 40,000 head from the same week a year ago. The year-to-date estimate was 3.797 million head.
