Cash cattle markets pushed higher as November began, supported by an ongoing rally in CME live cattle and packer demand for supplies headed into the holiday season.
Cash fed cattle traded higher for the fourth consecutive week, and Friday's cattle on feed report was called neutral for markets ahead of the Thanksgiving break.
All classes of cattle and calves traded higher, and packers were anxious to secure their needs as the wholesale beef market continues to strengthen.
Cash fed cattle traded at $1 to $2 per cwt higher this week, while feeder cattle sold $4 to $5 lower.
Higher prices anticipated in 2012 with analysts expecting the cattle cycle to post its high in 2013.
Cash cattle prices improved $1 per cwt., helping lift feeding margins to $118 per head, according to the Sterling Beef Profit Tracker.
CME cattle futures followed Thursday’s limit up trading with solid gains again in action Friday. The nearby October contract closed up $2.12 at $101.15.
Cash fed cattle rallied $3 to $5 per cwt. for the week ending July 12, jumping from $109 in the pre-holiday week to $114 to $116 on Friday.