Auction Prices Higher Last Week
Steers and heifers sold steady to $5 higher at auctions last week, the Agricultural Marketing Service reports.
“Order buyers are willing to take on early-weaned calves or yearlings off short grass in the drought-stricken areas in the North,” AMS said. “The main driver for the higher cattle prices this week was the falling grain prices.”
July corn lost nearly 30 cents per bushel last week after a limit-down day on Thursday. Cattle futures prices were mostly higher on the week.
Live cattle futures felt some pressure Monday by a weakening wholesale beef market to start the week. Beef prices fell 89 cents for Choice boxes and $2.24 for Select grade at noon today on movement of 33 loads. Grocer buying for Fourth of July and summer features has been completed.
Traders are anticipating this week’s cash cattle trade after last week’s average cash trading price was $122.84, up $2.81 from the week prior. Analysts see cash cattle trading near steady this week from last, as packers won’t likely be too aggressive on bidding ahead of Friday’s monthly USDA Cattle on Feed report.
Auction receipts last week totaled 151,100 head, compared to 181,400 head the previous week and 160,300 last year.
