Beef maintains record pace.
Most of 2014 saw record high prices, but the downward trend in the beef and cattle markets looks like it could carry into the New Year.
Packers aggressively sought inventory last week and cash fed cattle prices surged $2 per cwt., to instances of $3 higher for the week. Large trade volumes were reported in the North at $107 to $108 per cwt.
Panic meat buying emptied shelves and drove the Choice beef cutouts nearly $48 per cwt. higher. Cash fed cattle were higher, but not at a proportionate level.
The August 2017 Feeder Cattle futures contract increased by $7.66/cwt. during November.
The August 2017 Feeder Cattle futures contract increased by $21.35/cwt. during April.
Cash fed cattle rallied $3 per cwt., while feeder cattle traded lower then higher.
Slaughter numbers approached year-ago levels for the week as beef packers are operating at near-capacity and wholesale beef prices continue lower.