Cash fed cattle traded at $1 to $2 per cwt higher this week, while feeder cattle sold $4 to $5 lower.
Steers and heifers sold at auctions this week steady to $3 lower. AMS said with the holidays and the end of the year fast approaching, many auction markets saw heavy runs of cattle.
Chicago Mercantile Exchange live cattle contracts on Tuesday reversed Monday's losses, supported by short-covering and technical buying, said traders.
COVID-19 has temporarily placed a restriction on the number of cattle that can be harvested in a given week. That scenario is usually a recipe for lower prices, but this week’s extremely light fed trade was steady.
The fluctuation in the cash price in this trade seemed to be mostly dependent on the location of the cattle, with prices ranging from $114-$116, with dressed trade at $182-$185.
Cash prices charged higher in feedyard country this week, leaving CME futures in the dust. Feeder cattle recovered most of the previous week's losses.
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.
Feeder steers and heifers rallied $2 to $6 per cwt this week, regaining all of the previous week's losses.