USDA: Crazy Prices, Beef Breaks More Records

March 3, 2014 02:18 AM
 
Fat steers water tank

The Feeder and Stocker Cattle summary for the week ending February 28 showed that yearling feeder cattle sold unevenly steady. Corbitt Wall said that this was most likely due to the pressure early in the week coming from the bearish Cattle on Feed report the previous week. By Wednesday, fed cattle started selling at all-time record highs later.

The big cattle mostly sold unevenly steady and fat cattle sold at all-time record highs. Live prices were $4 to $6 higher and overall a good market this week. Wall noted that, "we’ve pretty much forgotten about the bearish Cattle on Feed."

Wall also said that old crop stockers and hard, lightweight trading was very active, selling firm to $5 higher. Additionally, receipts were sharply higher than the same week a year ago. However, receipts were 10% lighter than last week, which are expected to continue to get lighter and shows that there are fewer and fewer stockers every week.

"Crazy prices again this week," Wall said with all-time record highs. In 2014, the market has seen all-time record highs in all classes of beef cattle and all types of beef products.

See Corbitt Wall’s full report on Beef Today’s Cattle Markets Center.

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