Fed, Feeder Markets Take A Breather, Calves Higher
Packers were successful in filling their needs at steady money as wholesale beef prices moved lower. Cash cattle fundamentals deteriorated a bit this week as this week’s cash cattle trade was called disappointing. Feedyards were content to reduce showlists but remaining cattle are priced higher as supplies tighten moving forward.
Cattle trade in the North was called active with cash prices at $152 to $155 per cwt. and dressed sales at $240 to $244 dressed, both steady with last week. Moderate volumes in the South sold at $150 per cwt., also steady.
Feeder cattle traded steady to $3 lower while calves were called $3 lower to $2 higher.
At the CME, December live cattle fell $1.55 Friday to $151.525, down 12.5 cents for the week. January feeder cattle fell $3.125 to $178.575 and on the week lost $1.05. Today’s technically bearish weekly low closes in December live cattle and January feeder cattle set the table for follow-through chart selling early next week.
Wholesale beef prices were lower with Choice boxed beef closing Friday at $258.94 per cwt., down $4.81 for the week. Select boxed beef closed Friday at $235.27 per cwt., up $3.37 per cwt.
Estimated weekly cattle slaughter was 671,000 head, about 13,000 more than the previous week. Year-to-date total was estimated at 29.378 million head, up 1.6% over the same period last year.
