Wholesale Beef Higher, Cash Cattle In Neutral
Wholesale beef prices made another run higher this week, exceeding expectations and historical precedent. Choice boxed beef closed Friday at $324.83 per cwt., up $28.57 from the previous Friday. Select closed at $298.02 per cwt., nearly $21 higher than last week.
Cash cattle, however, were stuck in neutral. Trade was called light to moderate, with prices in the South steady at $121. Cattle in the North traded from $123 to $125, with a few up to $126 and tops in Iowa/Minnesota at $127. The dressed trade in the North ranged from $198 to $204, with most trading at the low end of the range.
October live cattle futures fell 37.5 cents Friday to $128.125 per hundredweight, up slightly from $127.875 a week ago, while October feeder cattle rose 15 cents to $165.775. Traders believe the fundamentals remain strong and futures may be poised for gains next week.
Weekly cattle slaughter was estimated at 639,000 head compared to 643,681 last year. The total year-to-date was 20.522 million head, 4.2% higher than last year.
Feeder cattle were called steady to $3 higher, while calves were called mixed at $3 lower to $2 higher.
