Both CME cattle futures and cash prices were lower for the second consecutive week. USDA's cattle on feed report found a record October 1 inventory as September placements were called 6% higher.
There was some hesitation among buyers this week as the CME futures had a downward turn and sell-off early in the trading period. Steers and heifers sold lower at auctions.
Packers were fairly aggressive in their drive to increase their inventory. Cash traded mostly on Thursday, but packers took on additional cattle Friday at steady money.
Cash fed cattle prices moved higher in all regions, with the largest gains found in the north. Feeder cattle sold higher at auctions across the nation.
Chicago Mercantile Exchange live cattle futures gained sharply on Wednesday, fueled by short-covering in response to higher-than-expected preliminary cash prices, said traders.They said fund buying contributed to market
Feeders steers and heifers sold both sides of steady, and the Cattle on Feed report went missing due to the government shutdown.
Feeder cattle ends sharply lower and lean hog contracts lose ground.