Markets: Cattle, Wholesale Beef, Futures All Higher
March came in with a rally in all classes of cattle and wholesale beef. Fed cattle traded in the North at $183 to $183.50 live and $290 dressed, which is steady to 50 cents higher live and $2 lower dressed compared with th previous week. Cattle in the South traded at $183 live, steady to $1 higher.
Feeder cattle sold steady to $3 higher and calves sold mixed at $1 lower to $4 higher. Market cows sold $1 to $4 higher.
Wholesale beef prices moved $4 to $9 higher. Choice boxed beef closed Friday at $305.28 per cwt., $4.67 higher for the week. Select boxed beef closed Friday at $295.74 per cwt., $9.43 per cwt. higher for the week.
Estimated weekly slaughter totaled 599,000 head, down 26,000 head from the same week a year ago. The year-to-date total of 5.357 million head is down 5.3% from last year.
At the CME, April live cattle rose $3.10 on Friday to $188.45, near the session high and for the week rose 55 cents. May feeder cattle futures gained $4.05 on Friday to $260.175, near the daily high, and for the week down $1.90.
Friday’s strong gains in the cattle futures markets set the stage for follow-through buying interest from the speculators early next week. April live cattle closed at a technically bullish weekly high close and closed at the highest level since early November. The charts for live and feeder cattle futures remain bullish as both markets are in solid price uptrends. Cash cattle market fundamentals remain solid.
