Cash Cattle Steady to $1 Lower
Cash fed cattle traded at $110 to $111 per cwt. last week, steady to $1 lower than the previous week. Dressed prices in the north were from $177 to $179 per cwt. Packers were described as only modestly aggressive during the holiday-shortened week. However, traders anticipate packers to need cattle this week to fill slaughter needs. Packer profitability remains at a high level.
At auctions across the nation, steers and heifers sold $2 lower to $2 per cwt. higher. Auction receipts were noticeably reduced by the holiday. AMS reporters said yearlings are a scarce commodity as most have been sold by this time of year.
Boxed-beef movement was the largest of the year last week with over 1600 loads reported sold. Export sales continue to show strength despite the rising value of the U.S. dollar. The Choice cutout closed on Friday at $227.53 per cwt., up $0.10 from the previous Friday. Select cutout traded at $204.80, up $0.18 from the previous week. The choice/Select spread was $22.73.